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Online Gaming Company GVC Launches $1.6B Bid For Gaming Site Bwin.party

Online gaming company GVC has teamed up with U.S. private equity firm Cerberus Capital Management to launch a new £1B ($1.56B) bid for Bwin.party, a gaming company that "earlier this month accepted a lower takeover bid from rival 888 Holdings," according to Harriet Agnew of the FINANCIAL TIMES. GVC, which owns Sportingbet, is expected to emphasize CEO Kenny Alexander's experience in "running a sport betting business to try to entice Bwin shareholders to back its renewed offer," a person close to the deal said. The battle to acquire Bwin.party "comes against a backdrop" of lackluster performance in its sports betting operation. In '14 Bwin.party's core sports revenue rose 1% to €237.1M while earnings fell 7% to €50.1M, despite last year's FIFA World Cup, which analysts say "ought to have attracted retail punters" (FT, 7/26).

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