GVC Shareholders Approve Bwin Bid: Now to the CourtsPublished December 17, 2015 by Lee R
The facts of this sometimes confusing deal will surely come to light in the sanction hearing.
Shareholders for Bwin.party unanimously voted to approve the online operator’s controversial acquisition by GVC Holdings.
Bwin Shareholders Uphold Sale
This provides a formal conclusion to a bidding war that kept the iGaming world transfixed for the better part of the summer, with investors approving the deal to be purchased by GVC for an acquisition price of over £1 billion (€1.4 billion/$1.5 billion), a deal whose value was driven up by aggressive competing offers from 888.
Since then, GVC announced in October that the deal would be completed by early 2016. Now, the Bwin.party process has moved to the shareholders, who approved the deal almost unanimously in favour of a so-called “scheme of arrangement” under Part VIII of the Gibraltar Companies Act 2014 which specifically addresses corporate governance.
At the bwin.party shareholders proceedings, called Court Meeting, 99.99% of shareholders voted in favour of the scheme, also constituting the tacit consent of shareholders at the General Meeting for a special resolution to implement the scheme.
Scheme of Arrangement
The scheme of arrangement provides another indicator in the unique and still unfolding manner in which the auction-resembling sale was conducted, particularly in the case of selling the company to GVC, whom was not the original high bidder (888 Holdings was).
To this end, Bwin.party said in a statement that despite this approval, the offer still remains subject to the satisfaction or waiver of the other conditions set out in the scheme document, such as the sanctioning of the scheme by the court. The designated scheme court hearing will take place on January 29.
So what exactly is this scheme of arrangement? We would all love to know, while the full details will likely be withheld until disclosure in court, when the Gibraltar Companies Act addressing offshore licensing will get a full test run as far as applications, and the validity of the unorthodox Bwin.party bid, offer and acquisition process will get a full and transparent examination.