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Very nice. Let's hope a bidding war starts. With Adler's statement of 140 a target needed to secure the company. Let's hope. I've read on here that spring owl is in at 126 can anyone comfirm this? if he has done most of the running to bring in 888 the value of the deal must be approaching 140 -150 within 6 months. for spring owl to have a nice get out. What sort of gains does an activist investor expect to gain over this time frame 15%-25%?
One lives in hope...I only bought in at 104 but I do hold 888 as well. the 'break' fee if bwin decides it is in its best interests to go with others is pretty small but is better than nothing.for 888 shareholders
The current SP makes my 106p exit look like a blunder. Given the recent upward trend - there may be a bit more in this too.
Yeah, the stops are important, and for me after years having now broken even at 115 the other tricky bit is knowing when to fold and run. I’ll be interested to get back on the horse under the newly formed company going forward but I feel I would rather be clear during the transition. I’m sure there will be some speed humps at the start and it’s common for post merger prices to fall from the outset. GL
!
I think it's now safe to say that the 888 deal is dead, the price is now 10p above the offer price and 888’s price is falling. Hopefully 888 now come back with a better offer and GVC up theirs again. This is now looking interesting and 125-130 could be in the frame after all with any luck.
Huge volume today.
large buys?
Let's do the maths on this. Assuming GVC puts through a formal offer for BWIN in the form announced this morning, the UPSIDE is MASSIVE, for both BWIN and for GVC. The combined EBITDA of the enlarged group would be £200m. Put this on 8.5x EV/EBITDA equates to £1.7bn EV. Adjust for new net debt and number of shares and you get to a look through value of BWIN of 200p and for GVC of 630p.
Hoping they're still ****ed from the w/end. Came out of Citigroup this morning.
Slightly out of date?
gvc offer 122p .. with 25p as cssh and rest in shares .. last time tbd did this (with sporting bet ) share price of gvc went up and up
This share will rise on rumour. In guessing at 120p 140p offer by gvc Either way that's a nice premium to today's share price ;) exciting times ahead http://www.digitallook.com/news/press-round-up-short-premium/sunday-newspaper-round-up-bwinparty-scotland-greece--812205.html
http://www.digitallook.com/news/press-round-up-short-premium/sunday-newspaper-round-up-bwinparty-scotland-greece--812205.html back in with another offer upped by over 10%. Anybody know if we will be asked to vote on any proposition?
With Ladbrokes and Coral announcing a merger this morning, I suppose Hills may be feeling in the cold and this could lead to them looking at Bwin.party alongside GVC as a possibility now?
Let's think about this. Judging from press articles looks like GVC's CEO is very keen to buy Bwin and will do everything he can to buy it. The obvious link is with Amaya, but hold on, let's not forget that WMH were also on the M&A track, as witnessed with it's failed takeover of 888.So what if GVC joined forces with WMH/Amaya in order to up its offer for BPTY. This would make a lot of strategic sense for all parties.
If this goes up any further it's going to make 888's bid at 104 tricky to swallow. Now at 109. Is the GVC offer coming soon I wonder?
Shhhh , we don't want anyone reminded how rubbish our BOD are. All I can say is 888 must have done due diligence and seen with good management, which they have and the synergies, there is value. Bwin hold a large sportsbook in Germany and have said in the past that once the German legislate change their attitudes they will be frontrunners. I'm not pulling the wool over anyone's eyes I've been in this from partygaming days but I see a regime change and a pooling of players as a good thing. One last thing Bwin failings have been more to the too transparent side , their statements have been brutally honest , so I think the chances of finding grim lurking under the bed is less.
Whilst any deal is better than the current state of affairs if I was a shareholder in either of the two bidding companies, I would be seriously worried. bwin.party is a toxic company and removing the head (Norbert) is just the start of the problems.
I’m in favour of the 888 bid over GVC for sure. With 888 now at 172-3 the 104 offer is now net 109 so it’s pretty much on par with GVC with much less risk and some very easy cost savings early on. I have to say there has been a lot of complaining about both offers on other sites and even in the media but I think some people have short memories – it was not that long ago we we’re as low as 72 pence prior to the rumours of the sale first coming out and without them rumours I feel we still would be no better than 80 by now, so to be at 106 at this stage puts us 30% better off than we could have been. I’m not sure how I will feel about an improved bid from GVC (without Amaya) they would have to bid north of 115 which would require them to take on so much debt that I still think it’s risky, but the lure of say 120 may swing it for the shareholders. I don’t think 888 would be willing to overpay for anything and would not respond to an improved offer if it comes, that may be why GVC will take another crack at it.
Reports today are that Ader brought in 888 to the table as the best solution for shareholders and is his preferred option. The Times article has some errors in it on Aders SP entry point but regardless he sees benefits in the synergies up to his buy in price and beyond so for long termers like me and crookman we may have been presented with a chink of light.
http://www.thestreet.com/story/13215024/1/european-stocks-rise-on-greek-debt-progress-deal-news.html