On Monday, 888 Holdings, the gambling operator, confirmed it has emerged as a dark horse bidder in the £1bn sale of the company.

It became the latest online gambling company to make a cash and stock proposal to Bwin.Party. The Gibraltar-based 888 Holdings said in a news release on Monday that its board of directors believed that there is significant industrial logic in combining with Bwin.Party. According to them, it will benefit both companies and all shareholders.

Less than an hour later confirming the proposal Bwin responded that its board and its advisers were ‘conducting a detailed review’ of the proposals received to-date. The company will make a further announcement in due course.

Although 888 Holdings didn’t disclose the details of the offer, it said that shareholders representing about 59% of company stock had committed to vote in favor of the proposed transaction.

Shares of Bwin.Party rose 6.9% to 106 pence, or about $1.67, in early trading in London on Monday. Shares of 888 Holdings fell 5.5% to 164.25 pence.

Bwin.Party was formed by the merger of Bwin Interactive Entertainment and PartyGaming
in 2011. It offers various forms of online gambling, which include casino games, poker and sports betting.

The company employs more than 2,300 people in Europe, India and the United States. Bwin market capitalisation is £785m.

In a news release Bwin.Party said, “The board and its advisers are conducting a detailed review of the proposals received to date, and will make a further announcement in due course. However there can be no certainty that these proposals will result in a transaction being completed”.