"There are a lot of risks and uncertainties with this GVC bid"
bwin.party investor tells online gaming rival to increase its bid
bwin.party said that a rival firm will have to increase an offer if it wants to out-bid online gaming giant 888 Holdings in a takeover battle.
2015-07-29
Reading time 35 seg
bwin.party said that a rival firm will have to increase an offer if it wants to out-bid online gaming giant 888 Holdings in a takeover battle.
The company accepted a USD 1.4B offer from 888 last week. However, online gaming company GVC Holdings upped its bid Monday to USD 1.6B.
Analyst-turned investor Jason Ader, who owns 5.2 percent bwin.party through his New York-based Spring Owl Asset Management hedge fund, said GVC would have to increase its offer by another 14 percent, if it wants to trump 888's bid.
"There are a lot of risks and uncertainties with this GVC bid," Ader told Bloomberg. He added that GVC has done "just enough to have a conversation with bwin."
bwin.party is partners with Boyd Gaming Corp. in the company's online gaming venture in New Jersey. bwin.party has similar potential online gaming deals in Nevada with Boyd and MGM Resorts International.
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