Despite a slightly richer offer from GVC and Amaya, 888 Holdings of Gibraltar has pulled ahead in a deal to purchase Bwin.party (including PartyPoker) for US$1.4 billion (£898.3m).

Bwin.party shareholders will receive 39.45p cash and 0.404 new shares in 888 for each Bwin.party share they now own. GVC, with financial backing from Amaya had offered a purchase price of US$1.4 billion (£908 million) in cash and stock. That would have delivered shoreholders US$1.71 (110p) per share.

Bwin.party shareholders will now own 48.9 per cent of 888 Holdings.

The move will see 888 increase its market share in an industry burdened with rising taxes and increasing regulation. Cost savings should be realized and new metrics could be established.

“The obvious question is why th…...