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Don't have an account? Click here to register.Credit Suisse ups Bwin to 'neutral', sees strategic rationale to 888 deal
Tue, 28th Jul 2015 12:16
(ShareCast News) - Credit Suisse upgraded Bwin.party Digital Entertainment to 'neutral' from 'underperform' and raised the price target to 110p from 80p, saying it's now very likely a deal will take place with 888 Holdings.CS said 888's proposal makes strategic sense."We believe that focus on costs is short-termism, and instead focus should be on the overall strength of the resultant company. For that reason we still see the 888 proposal as the most appealing; 888's gaming experience leaves it best placed to potentially turn around the Bwin.party business, rather than extracting one-off cost savings," the bank said.On Monday, GVC Holdings upped its bid for Bwin, topping the bid it had already accepted from 888 Holdings.Credit Suisse said that when Bwin's board recommended 888's bid, there was a certain level of shareholder disappointment over the scale and timing of the estimated synergies.However, the bank viewed this positively as a focus on cost synergies often has adverse effects on revenues, something which it feels has contributed to the scale of Bwin's top-line declines."Therefore, GVC's belief that it could get double the cost synergies is a concern for us, and we see more strategic rationale to 888's offer."At 1123 BST, Bwin shares were 0.6% higher at 112.40p.
More News
11 Jan 2016 15:42
GVC Holdings reports jump in annual revenue ahead of Bwin.party merger
(ShareCast News) - Gaming company GVC Holdings on Monday reported a 10.2% increase in 2015 net gaming revenue to €247.7m (£180.03m) ahead of its merger with Bwin.party. In a trading update for the year to 31 December, the group revealed annual results would be supported by a strong last quarter. Net
Read more6 Jan 2016 15:09
FTSE 250 risers: Oil prices and volatile China sees shares drop
(ShareCast News) - The FTSE 250 was left sitting in a puddle by mid-afternoon Wednesday, down 184.25 points (1.07%) at 17,020.78. Low oil prices were to blame for the second tier market's biggest faller Tullow Oil as well as Cairn Energy. Both Brent Crude and West Texas Intermediate sank below $35 a
Read more5 Jan 2016 07:16
Bwin.party ends year on high ahead of takeover
(ShareCast News) - Bwin.party ended its financial year on a high, ahead of its final results and takeover by GVC Holdings. The FTSE 250 online gambling company, in a market update on Tuesday, said its fourth quarter net revenue was up 5% on the previous year, driven primarily by sports betting and c
Read more5 Jan 2016 07:07
London pre-open: Stocks seen higher as Asia stabilises
(ShareCast News) - London stocks are set to open higher on Tuesday on the back of a stabilisation in Asian markets following heavy losses in the previous session. The FTSE 100 is expected to start 49 points higher than Monday's close at 6,142. "After an initial wobble, shares in Shanghai and Shenzh
Read more22 Dec 2015 16:05
16 Dec 2015 15:28
FTSE 250 movers: Strong trading leads Supergroup to top of the pack
(ShareCast News) - The FTSE 250 was on track to finish the day in the green on Wednesday, up 78.47 points (0.46%) to 17,078.03 by mid-afternoon. Supergroup led the risers after it released its half year report, showing strong trading leading to positive sales growth. The owner of popular faux-Japane
Read more15 Dec 2015 11:04
GVC/bwin.party shareholders approve takeover deal
(ShareCast News) - Online gaming outfit GVC Holdings' takeover of bwin.party digital entertainment moved a step closer on Tuesday as shareholders of both companies approved the deal. bwin.party said 99.99 per cent of shareholders voted in favour of the deal, while 99.91 of GVC's did the same. Both
Read more17 Nov 2015 12:52
Bwin extends supply deal with Danish partner
(ShareCast News) - Bwin.Party Digital Entertainment announced a multi-year extension to its existing B2B supply agreement with Danske Licens Spil, which is the online gaming subsidiary of Danske Spil. The Danske Spil Group is 80% owned by the Danish government and is one of the largest betting and g
Read more10 Nov 2015 08:44
bwin's non-exec director steps down
(ShareCast News) - Daniel Silvers has stepped down from bwin.party's board of non-executive directors, the online gaming group said on Tuesday. Earlier this year, Silvers announced he would leave SpringOwl Asset Management to pursue commercial interests elsewhere. As a result of his decision, he cho
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