Israeli Online Gambling Company 888 Raises Bwin.Party bid to $1.55 billion

Israeli online gaming company 888 Holding plc (LSE:888) has increased its bid for Bwin.Party Digital Entertainment.

Controlled by Israel’s Shaked and Ben-Yitzhak families, 888 operates the world’s largest online casino and poker operation while Bwin offers poker, bingo and sports betting online.

Bwin said today that it had received a revised takeover bid that it is evaluating. Bwin and 888 already agreed a deal in July for 104.9 pence a share worth an overall $1.4 billion but 888’s rival GVC Holdings plc offered an unsolicited higher deal of about $1.55 billion. The terms of 888’s revised cash-and-shares offer have not been disclosed, but market sources believe that the bid is around 115p a share.