Bwin.party and GVC shareholders approve takeover

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Shareholders comprehensively approve deal which is set to complete early next year

Bwin.party shareholders have comprehensively given their approval for the proposed takeover by GVC Holdings at meetings held this morning. [private]

At a court meeting and a general meeting, bwin.party shareholders voted 94.5% and 99.9% in favour of the £1.1bn takeover respectively.

GVC shareholders also voted on the deal this morning, with 99.9% approving the takeover.

GVC won its long-running battle with 888 to acquire bwin.party back in September, with the potential of a sportsbook combination believed to be a deciding factor in bwin’s decision to side with GVC.

But following the deal being announced, bwin.party has suffered mixed fortunes with revenues down 10% to €133.4m in the third quarter of the year.

The operator has also seen a number of senior figures depart with board member Daniel Silvers stepping down and director of game labels Golan Shaked exiting the firm and the industry.

GVC will also have a number of headaches post-acquisition, with chief exec Kenneth Alexander recently casting doubt over whether it will continue to run bwin.party’s Stateside operations.

Bwin.party’s share price was up 0.8% to 114.8p at the time of writing.

Bwin.party | Court | General | Gvc | Holdings | Meeting | Shaked | Shareholders

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