Aug 20 (Reuters) - Gambling company Bwin.party Digital
Entertainment Plc BPTY.L , which put itself up for sale, has
become the subject of a bidding war.
GVC Holdings Plc GVC.L , whose offer for the company was
turned down in favour of one from rival 888 Holdings Plc
888.L , has twice come back with higher offers.
All eyes are now on Bwin to see what it decides and whether
888 will return with a higher offer.
Following are some of the key developments in the
long-running saga:
May 5, 2014 - American activist investor Jason Ader claims
support for Bwin shake-up to tackle what he describes as a
continuing decline in the business. ID:nL6N0NR292
May 22, 2014 - Bwin agrees deal with investor on board
changes. ID:nL6N0O82FU
June 26, 2014 - Company is considering selling itself or
part of the company as part of a strategic review, Bloomberg
reports, citing two sources. ID:nL4N0P70ZE
June 26, 2014 - Bwin says no plans to break up or sell
company. ID:nL4N0P71ZF
July 15, 2014 - Bwin announces further cost cuts to help it
meet targets for the year. ID:nL6N0PQ1TA
Oct 10, 2014 - Britain's plans to bring licensing and
taxation of online gambling companies under UK control get green
light when a court dismissed legal challenge to the move.
ID:nL6N0S525U
Nov 12, 2014 - Bwin says in early talks with a number of
parties over a "variety of potential business combinations,"
which could result in an offer for the firm. ID:nL6N0T23TS
Jan 30, 2015 - Bwin says new EU VAT rules to hurt 2015
revenue and cashflow. ID:nFWN0V804C
March 11 - Bwin says talks about selling all or part of its
business have become more serious. ID:nL5N0WD1LM
March 21 - GVC CEO tells Reuters that the company is in
talks for acquisitions and "something like" Bwin would be of
interest. ID:nL3N0WM401
May 15 - GVC says it has submitted a bid for Bwin.
ID:nL3N0Y65L2
May 17 - 888 to make a takeover approach for Bwin, the
Sunday Times reports. ID:nL5N0Y80DH
May 18 - 888 says it has submitted a proposal to buy Bwin in
cash and shares. ID:nL3N0Y92IA
May 18 - GVC preparing to make a 1.5 billion euro ($1.7
billion) offer for Bwin in partnership with Canada's Amaya Inc
AYA.TO , Reuters reports, citing source close to the matter.
ID:nL3N0Y92L5
May 19 - GVC says it will finance bid for Bwin with Amaya.
ID:nL3N0YA2K9
May 21 - Bwin says it expects to "reach a conclusion" in
coming weeks as discussions with suitors enter a new stage.
ID:nL3N0YC2TG
July 8 - GVC offers to buy Bwin for about 900 million pounds
($1.39 billion), the Financial Times reports. ID:nL3N0ZN5UP
July 9 - Bwin says GVC offers to buy it in cash and stock
deal valued at 908 million pounds ($1.4 billion) ID:nL3N0ZP2QD
July 17 - 888 wins battle for Bwin with cash and stock deal
worth almost 900 million pounds ($1.4 billion). ID:nL4N0ZX23Y
July 21 - GVC says it is considering options regarding Bwin,
but there is no certainty it will make new offer.
ID:nL3N1012PV
July 27 - GVC returns with a new 1-billion-pound ($1.55
billion) bid for rival Bwin. ID:nL3N1072M6
Aug 7 - GVC raises offer for Bwin to 1.03 billion pounds
($1.6 billion). ID:nL3N10I42W
Aug 14 - Syndication of a $650 million buyout loan,
underwritten by Barclays (LONDON:BARC) and JP Morgan and backing 888's bid for
Bwin, put on hold pending clarity on M&A process, Reuters
reports, citing banking sources. ID:nL5N10P2BO
Aug 18 - GVC sued by Canadian sports and entertainment
consultancy 37 Entertainment, which accused it of reneging on a
deal because of its bid for Bwin, the Times reports. (http://thetim.es/1JdflQU)
Aug 20 - GVC says it is ready to increase its offer for Bwin
to at least 130 pence per share, or about 1.1 billion pounds
($1.72 billion), the Times reports. ID:nL3N10U61Z
Aug 20 - GVC may increase its offer for Bwin a third time,
Reuters reports, citing source close to GVC. ID:nL1N10V0GL