Bwin.Party takeover talks continue, GVC confirms audacious attempt for FTSE 250 rival

Bwin directors said takeover talks were continuing with "a number of third parties" and that it has received revised proposals, regarding "a variety of possible business combinations".

It stressed that there remained no guarantee that any of these discussions would result in any transaction being completed.

For its part, GVC, which was valued at £275m before the announcement, said it has submitted a proposed transaction for a reverse takeover, as bwin.party is valued at more than two-and-a-half times its size, at roughly £725m.

Shares in Bwin had taken a big hit in February when one or two potential buyers reportedly pulled out of a bid.

The company has reportedly been pursued by a number of suitors since late 2014, including William Hill, Ladbrokes, Canada's Amaya Gaming and US private equity firm Apollo Global.

However, media reports earlier this year said discussions had not moved forward from that initial phase.

Citing sources familiar with the situation, the Financial Times said in February that some of the potential bidders had taken “a serious look” at the company, but remained interested in purchasing only some of its activities, particularly its sports betting business.

Bwin's struggling poker arm, which dragged the group into losses in its March full-year results, has put off some suitors.

The decline in regulated poker markets resulted in a group pre-tax loss of €97.9m for the last year financial year, compared with a €44.9m profit in the previous 12 months, due to a non-cash impairment charge largely attributable to the write-down in the poker business.