888 puts in bid for Bwin.Party

Online gaming company 888 Holdings has made a bid for sector peer Bwin.Party, according to reports.

City sources revealed the news on Saturday evening, the Sunday Times said, following Bwin's confirmation on Friday that it was involved in "discussions with a number of third parties".

Bwin was put on the market in November but in February one or two potential buyers reportedly pulled out of a bid after taking a closer look at the books.

AIM listed GVC Holdings, a smaller online gambling rival, said on Friday that it had submitted a revised offer for a reverse takeover of the company.

Shares in Bwin closed at 99.45p on Friday, giving the business a value of £819m.