By Neil Maidment
LONDON, Aug 27 (Reuters) - Online gambling companyBwin.party has asked GVC Holdings to table itsbest offer for the business after the duo addressed key concernsover the suitor's latest 1 billion pound ($1.55 billion)approach.
GVC looked to have lost the race for Bwin after it accepteda 900 million pound cash-and-stock offer from 888 inJuly, but the Sportingbet owner has since returned with twoimproved proposals to hijack the deal. Its latest was a 1.03billion pound offer on Aug. 7.
Bwin and GVC have since been in talks over the terms of thatproposal and Bwin said on Thursday that it is satisfied that keyaspects have now been addressed.
"Bwin.party has now asked GVC to clarify, with respect toits proposal, the best terms on which GVC is prepared to make aformal offer to acquire all of the issued and to be issuedshares in bwin.party," a Bwin statement said.
A source close to GVC told Reuters this month that some ofBwin's earlier questions were focused on potential cost savings.
GVC had said on Monday that it expected to resubmit aproposal to the Bwin board in the near future and on the sameterms made on Aug. 7.
SECTOR CONSOLIDATION
Bwin said that its board's unanimous recommendation of 888'soffer was unchanged by this announcement. In July Bwin said888's offer carried fewer risks than GVC's, which was made inconjunction with Amaya Inc.
GVC has since dropped Amaya and now has backing from U.S.private equity firm Cerberus Capital Management.
The Bwin saga is part of wider consolidation in the gamblingsector, which has brought a string of deals this year as firmsrespond to higher tax bills in Britain and tighter regulation bylooking to bulk up and better compete in an online market.
On Wednesday Betfair and Paddy Power agreed in principle to a 5 billion pound merger, sending theirshares soaring. That tie-up followed last month's all-share dealbetween Ladbrokes and Gala Coral to create a 2.3 billionpound bookmaker group.
Bwin's share price gained 0.5 percent by 0916 GMT, with GVCand 888 up 2.7 percent and 1.3 percent respectively.($1 = 0.6457 pounds) (Editing by David Goodman)
