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bwin.party confirms revised proposal from GVC

27 July 2015 07:33

bwin.party digital entertainment has confirmed it has received a revised indicative proposal from GVC with an indicative valuation of up to 122.5 pence per bwin.party share. This comprises up to 25 pence in cash and the balance in new GVC shares.

GVC says the company would finance the proposal through a £400m senior secured loan provided by affiliates of Cerberus Capital Management, L.P. In addition, the company intends to raise circa £150m through an equity placing of new GVC shares for cash in order to fund restructuring costs, the refinancing of existing bwin.party debt and for additional working capital purposes.

Story provided by StockMarketWire.com

Related Company: BPTY

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