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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

bwin.party investor tells online gaming rival to increase its bid

28 July 2015

The second-largest shareholder in Gibraltar-based bwin.party Digital Entertainment said Monday a rival firm will have to increase an offer if it wants to out-bid online gaming giant 888 Holdings in a takeover battle.

bwin.party accepted a $1.4 billion offer from 888 last week. However, online gaming company GVC Holdings upped its bid Monday to $1.6 billion, according to Bloomberg News.

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.
bwin.party investor tells online gaming rival to increase its bid is republished from Online.CasinoCity.com.