GVC Holdings ready to up Bwin offer to 130p

Online casino company GVC Holdings is working on an increased offer for larger rival Bwin.party as it looks to crush a competing bid from peer 888 Holdings.

The GVC bid at 130p, up from its previous 124p, will value FTSE 250-listed Bwin at roughly £1.1bn, the Times reported.

Having recommended a cash-and-shares offer from 888 worth 104.75p at Wednesday's closing price, Bwin directors are due to meet this week to decide whether to about-face and recommend GVC’s new offer instead.

Even if 888 came back with its own sweetened offer, GVC would not be deterred, sources have suggested.