Like two suitors standing below the window of a maiden they are attempting to woo, the love songs from GVC Holdings and 888 Holdings to bwin.party continue to grow louder. On Tuesday, bwin.party, the parent company of PartyPoker, confirmed that is has received a new acquisition proposal from 888 Holdings, just the latest in a string of competing proposals over the course of the past two months.

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Neither bwin.party nor 888 Holdings has revealed any of the financial details of the latest proposal, but rather have simply announced that the proposal has been made. From bwin.party: “Further to its announcement on 27 August regarding a proposal from GVC Holdings PLC (‘GVC’), the Board of bwin.party (‘bwin.party’) confirms it has also now received a revised proposal from 888 Holdings plc. This revised proposal is subject to a number of preconditions (which can be waived in whole or in part by 888).”

The company added, “The Board of bwin.party is evaluating this proposal, together with that received from GVC, and intends to consult with its key shareholders in the coming days before making a final determination as to which proposal is in the best interests of shareholders. A further announcement will be made in due course… The Board’s unanimous recommendation of 888’s offer, which was announced on 17 July 2015, remains unchanged by this announcement. Documentation in respect of this offer was posted to shareholders on 28 August 2015.”

While 888 has been going after bwin.party for some time, the real competition with GVC Holdings began in early July 2015. GVC was the first at bat, announcing a 110 pence per share offerfor bwin.party on July 9. With 824.25 million shares of bwin.party outstanding, that makes the offer worth approximately £907 million. One of the most interesting aspects of the proposal was that GVC was unable to afford it by itself, so it recruited Amaya Gaming, the owner of PokerStarsand Full Tilt, to get in on the deal.

888 countered, announcing on July 17 that it had proposed a 104.09 pence per share (£858 million) purchase price for bwin.party. Though that is lower than GVC’s price, bwin.party’s Board accepted it, recommending the deal to its shareholders. Both 888 and bwin.party cited a number of corporate synergies as the reason why this marriage was better than one with GVC.

It is thought that needing Amaya in the mix created more financial uncertainty for the GVC deal. In addition, the prevailing notion was that GVC and Amaya were going to split up bwin.party, with Amaya taking PartyPoker and GVC taking the company’s sports betting and casino operations, and that this made bwin.party’s leaders bristle.

On July 27, GVC announced that it had made another, richer, offer for bwin.party, increasing its price to 122.5 pence per share, or about £1 billion in total. Aside from the price, the big difference this time was that Amaya was out of the picture. GVC instead obtained a loan from Cerberus Capital Management to help finance the deal.

The mention of the August 27 announcement in the above press release has to do with confirmation that bwin.party and GVC have continued to discuss a potential deal. Part of that announcement from bwin.party was as follows: “The Board of bwin.party confirms, further to its discussions with GVC Holdings PLC, that key aspects of GVC’s proposal have now been addressed to bwin.party’s satisfaction. bwin.party has now asked GVC to clarify, with respect to its proposal, the best terms on which GVC is prepared to make a formal offer to acquire all of the issued and to be issued shares in bwin.party.”

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