GVC edges closer to £1 billion takeover of bwin.party

Sportingbet owner GVC Holdings has moved closer to a £1 billion takeover of up-for-sale bwin.party, as it seeks to supplant bid rival 888 as the company’s preferred choice.

GVC said “significant progress” had been made in talks with the bwin.party board, putting it in a position to resubmit its offer shortly.

It is understood the company has reassured bwin over the institutional support for the share placing it needs to fund the deal, as well as setting out more details on the €135 million (£98.6 million) in cost savings it is pushing for through a tie-up.

GVC is offering 25p in cash and 0.231 of a share, leaving the offer worth a total of 124p, slightly below the 125.5p when the terms were first announced three weeks ago.

Bwin said it was “continuing to discuss with GVC and its advisers certain aspects” of the bid, but stressed that it was currently sticking to 888’s lower offer, which has eased from 104.9p to 102.5p since being recommended by the board in July.