GVC refuses to give up on Bwin.party deal

GVC Holdings is refusing to give up on its attempt to buy online gaming firm Bwin.party, having confirmed a proposal worth more than £1bn.

GVC said the offer was worth 125.5p a share, 3p higher than when it announced a provisional bid in late July.

GVC said it was working with Bwin.party to enable Bwin's board to make a full evaluation of the offer.

Bwin - whose brands include Partypoker and Partycasino - has already accepted an offer from 888 Holdings worth £898m.

In a statement, Bwin said its recommendation of 888 Holdings' offer remained unchanged by the announcement.

GVC said there was still no certainty that it would make a formal offer for Bwin.

Earlier this year, 888 rejected a takeover bid from William Hill.

Online gambling companies are merging to try and reduce operating costs as they are exposed to stricter regulation.

On Friday, William Hill said half-year profits were down by more than a third after being hit by changes to betting taxes.

Pre-tax profits fell to £78.7m in the first six months of the year after paying an additional £44m in gambling duties.