Response to recommended offer for bwin.party

RNS Number : 1439Y

888 Holdings plc

04 September 2015

 

4 September 2015

888 Holdings Public Limited Company

("888" or the "Company")

Response to recommended offer for bwin.party digital entertainment plc by GVC Holdings PLC

The board of 888 notes the announcement today of the recommended offer by GVC Holdings PLC ("GVC") for bwin.party digital entertainment plc ("bwin.party"), which resulted in the withdrawal of the bwin.party board's recommendation for 888's offer. Accordingly, the Co-operation Agreement dated 17 July 2015 between bwin.party, 888 Holdings plc and 888 Acquisitions Limited has been terminated.

The 888 board has concluded that, as a result of its own extensive due diligence on bwin.party, it cannot see sufficient value in bwin.party to warrant a revision to its offer. Consequently, 888 confirms that it is no longer in discussions regarding the acquisition of bwin.party.

The board of 888 remains focused on growing shareholder value by pursuing its strategic growth initiatives.

A copy of this announcement will shortly be available at www.888holdingsplc.com.

Ends

For further information, please refer to the Company website www.888holdingsplc.com or contact:

888 Holdings plc Brian Mattingley, Executive Chairman Itai Frieberger, Chief Operating Officer Aviad Kobrine, Chief Financial Officer	[phone]
Investec Bank plc (Joint Financial Adviser, Sponsor and Broker) Garry Levin Duncan Williamson	Tel: [phone]
Stifel, Nicolaus & Company, Incorporated (Joint Financial Adviser) John Orem Derek Herbert	Tel: [phone]
Hudson Sandler (Public Relations) Andrew Hayes Alex Brennan	Tel: [phone]

 

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