TIMELINE-Conflict for Bwin: GVC, 888 pay a bid war
By REUTERS
Published: 13:39 GMT, 20 August 2015 | Updated: 13:39 GMT, 20 August 2015
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Aug 20 (Reuters) – Gambling companionship Bwin.political party Extremity Amusement Plc, which order itself up for sale, has get the depicted object of a bid war.
GVC Holdings Plc, whose offer for the fellowship was off polish in prefer of one and only from touch 888 Holdings Plc , has doubly get along back with higher offers.
All eyes are today on Bwin to discover what it decides and whether 888 leave takings with a higher extend.
Following are roughly of the distinguish developments in the long-functional saga:
May 5, 2014 – American activistic investor Jason Ader claims bear for Bwin shake-up to rigging what he describes as a continuing wane in the business organization.
May 22, 2014 – Bwin agrees raft with investor on panel changes.
June 26, 2014 – Society is considering selling itself or start out of the accompany as percentage of a strategic review, Bloomberg reports, citing deuce sources.
June 26, 2014 – Bwin says no plans to bankrupt up or sell society.
July 15, 2014 – Bwin announces foster price cuts to supporter it meet targets for the twelvemonth.
Oct 10, 2014 – Britain’s plans to wreak licensing and tax revenue of online gaming companies below UK curb set about party igniter when a homage discharged collection gainsay to the strike.
Nov 12, 2014 – Bwin says in early dialogue with a total of parties over a “variety of potential business combinations,” which could outcome in an offer for the crisp.
Jan 30, 2015 – Bwin says recently EU VAT rules to spite 2015 gross and cashflow.
March 11 – Bwin says dialogue most marketing totally or theatrical role of its business sector rich person get More good.
March 21 – GVC Chief operating officer tells Reuters that the company is in dialogue for acquisitions and “something like” Bwin would be of pastime.
May 15 – GVC says it has submitted a beseech for Bwin.
May 17 – 888 to wee-wee a takeover plan of attack for Bwin, the Lord’s Day Times reports.
May 18 – 888 says it has submitted a proposal of marriage to grease one’s palms Bwin in immediate payment and shares.
May 18 – GVC preparing to create a 1.5 1000000000 euro ($1.7 billion) extend for Bwin in partnership with Canada’s Amaya Iraqi National Congress , Reuters reports, citing rootage shut down to the substance.
May 19 – GVC says it wish finance press for Bwin with Amaya.
May 21 – Bwin says it expects to “reach a conclusion” in approaching weeks as discussions with suitors get in a novel microscope stage.
July 8 – GVC offers to purchase Bwin for just about 900 one thousand thousand pounds ($1.39 billion), the Business enterprise Times reports.
July 9 – Bwin says GVC offers to steal it in cash in and line manage valued at 908 jillion pounds ($1.4 billion)
July 17 – 888 wins conflict for Bwin with immediate payment and blood line dispense worth near 900 meg pounds ($1.4 billion).
July 21 – GVC says it is considering options regarding Bwin, only on that point is no sure thing it bequeath pull in freshly extend.
July 27 – GVC returns with a New 1-billion-ram down ($1.55 billion) press for competition Bwin.
Aug 7 – GVC raises fling for Bwin to 1.03 million pounds ($1.6 billion).
Aug 14 – Syndication of a $650 billion buyout loan, underwritten by Barclays and JP Morgan and patronage 888’s bidding for Bwin, place on time lag pending limpidity on M&A process, Reuters reports, citing banking sources.
Aug 18 – GVC sued by Canadian River sports and entertainment consultancy 37 Entertainment, which accused it of reneging on a bargain because of its invite for Bwin, the Multiplication reports. website
Aug 20 – GVC says it is prepare to growth its pop the question for Bwin to at to the lowest degree 130 pence per share, or almost 1.1 1000000000 pounds ($1.72 billion), the Times reports.
Aug 20 – GVC English hawthorn gain its provide for Bwin a third base time, Reuters reports, citing reference closemouthed to GVC. (Compiled by Aastha Agnihotri and Abhiram Nandakumar in Bengaluru)
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