Online Betting Company Bwin Accepts GVC Takeover Bid Online betting company Bwin accepts GVC takeover bid 4 September 2015 Online wagering company Bwin has accepted a ₤ 1.1 bn takeover offer from GVC Holdings in choice to rival bidder, 888 Holdings. Bwin had actually originally consented to an offer from 888, worth about ₤ 900m, however GVC, the owner of Sportingbet, combated back. Bwin - whose brand names consist of Partypoker, Partycasino and Foxy Bingo - stated GVC's deal was "reasonable and affordable". Bwin chairman Philip Yea said in a company video that shareholders were split about abandoning the 888 deal. "There was a pretty even split of those that expressed views one method or the other. But we also had a significant block of shares that enjoyed to support the board on its deliberations," GVC's deal, external of 25p in money and 0.231 new GVC shares pertains to nearly 130p per Bwin.party share based on Thursday's closing cost. Reducing costs Bwin said the GVC deal provided ₤ 120m additional worth compared with the 888 quote. The business said they were also swayed by higher expected savings and GVC's track record of integrating acquisitions, such as that of Sportingbet in 2013. Earlier this week it was reported that GVC was prepared to launch a hostile bid for Bwin. The 888 board validated it had actually withdrawn from the bidding procedure saying it can not see sufficient worth in Bwin to increase its deal. Stricter policies are pushing online betting companies to merge to attempt and minimize running costs. Size is likewise seen as vital to guarantee competitiveness in an online market buoyed by the use of tablets and mobiles. Shares in Bwin, rose in early trading in reaction to the news, but have because fallen. GVC shares closed down by almost 4%. Meanwhile 888 shares closed up by 0.31%.