23/7/2015 – 888 Wins Takeover Battle For Bwin.party
It looks like 888 Holdings has emerged victorious in the race to takeover Bwin.party, the gaming company which itself was only formed in 2011 from the merger of PartyGaming and Bwin Interactive Entertainment.
Bwin.party put itself up for sale in November 2014 and has been the target of various suitors with the most serious being 888 and GVC Holdings. Although 888’s share price offering (104.09p) was lower than GVC’s (110p), Bwin.party appeared to recognise that the synergies between the two would benefit the organisation in the long run at the expense of short term shareholder gains.
888 is now looking to save around $70m per year by 2018 through cost savings and extra revenue but they have also stated that there are no plans to break up Bwin.party.