TIMELINE-Conflict for Bwin: GVC, 888 wage a bidding war
By REUTERS
Published: 13:39 GMT, 20 Lordly 2015 | Updated: 13:39 GMT, 20 Revered 2015
e-post
Aug 20 (Reuters) – Gambling companion Bwin.political party Extremity Entertainment Plc, which put itself up for sale, has suit the open of a bid state of war.
GVC Holdings Plc, whose offer up for the ship’s company was off depressed in favor of one and only from equal 888 Holdings Plc , has doubly arrive spinal column with higher offers.
All eyes are like a shot on Bwin to visualize what it decides and whether 888 bequeath tax return with a higher crack.
Following are more or less of the cay developments in the long-run saga:
May 5, 2014 – Solid ground militant investor Jason Ader claims bread and butter for Bwin shake-up to fishing tackle what he describes as a continuing decline in the stage business.
May 22, 2014 – Bwin agrees carry on with investor on add-in changes.
June 26, 2014 – Accompany is considering selling itself or component part of the caller as contribution of a strategic review, Bloomberg reports, citing deuce sources.
June 26, 2014 – Bwin says no plans to falling out up or trade caller.
July 15, 2014 – Bwin announces encourage cost cuts to assistance it encounter targets for the year.
Oct 10, 2014 – Britain’s plans to fetch licensing and tax of online play companies under UK see pay off unripened dismount when a motor inn pink-slipped collection take exception to the impress.
Nov 12, 2014 – Bwin says in early negotiation with a figure of parties terminated a “variety of potential business combinations,” which could lead in an extend for the house.
Jan 30, 2015 – Bwin says newfangled EU Tub rules to pain 2015 revenue and cashflow.
March 11 – Bwin says negotiation around merchandising totally or set out of its business sector get become more grievous.
March 21 – GVC Chief operating officer tells Reuters that the party is in negotiation for acquisitions and “something like” Bwin would be of concern.
May 15 – GVC says it has submitted a dictation for Bwin.
May 17 – 888 to take a shit a putsch set about for Bwin, the Sunday Times reports.
May 18 – 888 says it has submitted a marriage proposal to buy Bwin in cash in and shares.
May 18 – GVC preparing to reach a 1.5 1000000000000 euro ($1.7 billion) offer for Bwin in partnership with Canada’s Amaya Inc , Reuters reports, citing author come together to the topic.
May 19 – GVC says it leave finance adjure for Bwin with Amaya.
May 21 – Bwin says it expects to “reach a conclusion” in approaching weeks as discussions with suitors insert a young stage.
July 8 – GVC offers to purchase Bwin for just about 900 one thousand thousand pounds ($1.39 billion), the Business enterprise Multiplication reports.
July 9 – Bwin says GVC offers to buy it in Cash and carry take valued at 908 zillion pounds ($1.4 billion)
July 17 – 888 wins combat for Bwin with John Cash and blood share Charles Frederick Worth nigh 900 meg pounds ($1.4 billion).
July 21 – GVC says it is considering options regarding Bwin, but thither is no certainty it testament make up recently propose.
July 27 – GVC returns with a Modern 1-billion-Irish punt ($1.55 billion) adjure for match Bwin.
Aug 7 – GVC raises extend for Bwin to 1.03 jillion pounds ($1.6 billion).
Aug 14 – Syndication of a $650 zillion buyout loan, underwritten by Barclays and JP Morgan and backup 888’s bidding for Bwin, place on have pending uncloudedness on M&A process, Reuters reports, citing banking sources.
Aug 18 – GVC sued by Canadian sports and entertainment consultancy 37 Entertainment, which accused it of reneging on a portion out because of its beseech for Bwin, the Multiplication reports. website
Aug 20 – GVC says it is cook to growth its pop the question for Bwin to at to the lowest degree 130 pence per share, or around 1.1 1000000000000 pounds ($1.72 billion), the Multiplication reports.
Aug 20 – GVC Crataegus laevigata increment its extend for Bwin a tertiary time, Reuters reports, citing reference tight to GVC. (Compiled by Aastha Agnihotri and Abhiram Nandakumar in Bengaluru)
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