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Gambling firm GVC raises bid for rival Bwin.party to $1.55 bln

Reuters - UK Focus

July 27 (Reuters) - Online gambling firm GVC Holdings Plc (Other OTC: GMVHF - news) has made a new offer of about 1 billion pounds ($1.55 billion) for peer Bwin.party Digital Entertainment, which recently accepted a bid from 888 Holdings Plc.

GVC said under its offer Bwin.party shareholders would get 122.5 pence for each Bwin share, consisting of up to 25 pence in cash and the remaining in new GVC shares.

The company said Cerberus Capital Management would provide a 400-million-euro ($440 million) senior secured loan.

Online casino and poker firm 888 clinched a deal worth nearly 900 million pounds to buy Bwin.party earlier this month, lower than a rival 908-million-pound bid from GVC and its Canadian partner Amaya Inc (NasdaqGS: AYA - news) . ($1 = 0.9089 euros) ($1 = 0.6442 pounds) (Reporting by Aastha Agnihotri in Bengaluru; Editing by Anupama Dwivedi)