VC Holdings and Canadian company Amaya Gaming have teamed-up for a €1.5bn bid to break-up bwin.party digital entertainment, in an attempt to see-off a challenge from rival bidder 888 Holdings.
Amaya, the owner of Pokerstars and Full Tilt Poker, is understood to be interested in the online gambling business's poker assets and possibly its sports-book. It is in talks with Aim-listed GVC about setting up a special purpose vehicle to snap up the FTSE 250 company in a purchase that would be paid for with a combination of cash from Amaya and GVC shares.
The duo are hoping to trump a competiting approach from online gambling business 888, which on Monday confirmed that it had submitted a takeover proposal to bwin.party. The rival suitor said it was putting together a cash-and-paper offer and said that it "believes that there is significant industrial logic in a combination of 888 and bwin.party, benefiting both companies and all shareholders".
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