Market Report: Potential sale of Bwin.Party sees jump for online gaming group

 

Oscar Williams-Grut
Thursday 13 November 2014 01:49
Comments

Are we be about to see a bidding war for Bwin.Party?

The Gibraltar-registered online gaming group jumped 11.3p to 119.1p yesterday after confirming speculation that it is in “preliminary discussions with a number of interested parties regarding a variety of potential business combinations” – including the sale of the company.

The parties weren’t named but the City rumour mill was happy to fill in the blanks, following weeks of speculation. Canadian gaming group Amaya, which earlier this year bought Full Tilt and PokerStars, is thought to be the most serious bidder. But Playtech is also mentioned as a possible bidder and speculation was stoked yesterday by news that the company was raising a war-chest for potential acquisitions. Playtech aimed to raise €315m (£248m) through a convertible bond issue but ended up with €297m. It fell 63p to 607p, hit by a downgrade from Credit Suisse. Ladbrokes, up 1.7p at 120.3p, is also rumoured to be a potential target.

The FTSE experienced a turbulent session, closing down 16.36 points at 6,611.04 as heavyweight financial stocks fell on forex fines and Capita tumbled 73p to 1,048p on poor numbers. Tullow Oil rose 10.6p to 492.8p after announcing a halt to exploration activities, instead focusing spending on producing assets. However the company warned it may be forced to take further writedowns.

Insulation and roofing specialist SIG tumbled 9.6p to 147.9p on the mid-cap index after warning investors to lower their expectations due to a slowdown in Europe.

African Minerals leapt 5.5p to 15.5p on Aim, as the indebted company announced it has called in Standard Chartered to help find new cash to keep the loss-making Tonkolili iron ore project in business. It is also is considering selling down its 75 per cent stake in the Sierra Leone project in a bid to bolster its balance sheet.

Embattled insurance outsourcer Quindell continued to bounce around, still reeling from the opaque director share purchases announced last week. Yesterday it closed up 7.75p at 83.25p.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in