Gvc waiting for right moment?' GVC, like Flutter, has a large UK online gambling business which it could merge with Stars’ SkyBet to extract synergies, Peel Hunt said. It also saw greater cost and revenue synergy potential for GVC in Stars’ markets outside the UK and US, and argued that GVC management had a superior record with acquisitions, having already integrated Ladbrokes, Coral, Bwin and PartyGaming. A cash counterbid from GVC for Stars at a 10 per cent premium to Flutter’s offer would push the Ladbrokes owner’s net debt to an “eye-watering” 7 times ebitda, Peel Hunt estimated. However, it argued that the revenue synergies and strong net cash generation would improve that ratio rapidly thereafter. Competition issues would be very similar for both proposals so GVC would not have to make a move until after authorities have ruled on the Flutter-Stars merger, likely late next year, Peel Hunt added."
my take is either way stars gets upped in value either by flutter with a higher counter or gvc makes a compelling offer with support of others than Caledonia.