Boss Media, a major online bingo provider, says a revised offer by GEMed has been unanimously recommended by its board of directors. The offer has been boosted by 32% to SEK 25 a share which now values the company at Euro 149 million.A previous offer at the beginning of February was considered by Boss" directors as under valuing the company. It prompted speculation that other bids were in the works.In announcing the revised offer, Boss CEO Tiveus said: "A combination between Boss Media and GTECH is industrially sound. We think the prerequisites for GTECH and Boss Media to create a competitive supplier alternative in an expansive industry are favorable."The revised cash offer presented by GEMed, as a consequence of the process conducted, means that Boss Media"s shareholders receive a substantially higher price for their shares compared to the share price prior to the initiation of the process."GEMed"s parent company GTECH staed through its CEO Jaymin B. Patel that: "We are pleased that our revised competitive offer has received the unanimous endorsement of the Board of Boss Media. We now look forward to be working together with Boss Media in the acceleration of its international growth strategy."Boss Media recently voiced its intentions to expand its presence in the online bingo games market which it identified as ripe for growth over the next year. A number of Scandinavian gaming companies are bullish on prospects for the free online bingo industry with a particular emphasis on targeting the female demographic of customers who play online bingo.
Written by Charlene Gray