GVC Holdings (LON:GVC) have trumped rival 888 after winning the bidding to buyout Bwin.party Digital Entertainment (LON:BPTY) for about £1.06 billion.
Both companies have been vying for the offer for several months, after Bwin originally agreed to an offer from 888 for £900 million.
The directors of Bwin said GVC’s offer was “fair and reasonable”.
However, Bwin Chairman Philip Yea admits shareholders were split about choosing GVC over 888.
“There was a pretty even split of those that expressed views one way or the other. But we also had a significant block of shares that was happy to support the board on its deliberations,” Reuters quoted him as saying.
This is the latest in a series of mergers from online gambling firms, who are trying to band together in response to higher tax bills and tighter regulation in Britain and continental Europe.
Bwin are currently trading up 0.35 percent, with GVC trading down nearly 4 percent on the news.
