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888 makes an approach for rival
Written on Monday 18th May, 9:06 am by admin
UK gaming company 888 announced that it has made a takeover approach for, causing bwin’s shares to jump 10% this morning on the news.

Only last week received an approach from a rival company, GVC Holdings. Analysts believe the two different takeover attempts could lead to a bidding war. 888 have mulled over the possibility of a takeover before, however this latest attempt seems much more serious due to the competition from GVC.

According to rumours on Twitter, GVC’s bid is part funded by Amaya Gaming, a company who have been on a buying spree since its inception. Only last year Amaya took control of the world biggest poker site in PokerStars.

888 told the market there was "significant industrial logic" in a tie-up with Bwin. It added that a large number of 888 shareholders were "irrevocably committed" to back the deal.

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