Online gambling operator 888 Holdings confirmed that it has made an offer for rival bwin.party on Monday, after reports over the weekend that it had emerged as a bidder in the £1bn sale of the company.

“The board believes that there is significant industrial logic in a combination of 888 and bwin.party, benefiting both companies and all shareholders and accordingly, has submitted a proposal regarding the acquisition of the entire issued and to be issued share capital of bwin.party for consideration comprising cash and 888 shares,” said 888 in a statement.

888 also added that due to the size of the proposed transaction, the proposal requires approval of 888 shareholders representing approximately 59% of 888′s share capital, which have irrevocably committed, subject to customary conditions, to vote in favor of the proposed transaction.

According to another statement, 888 has confirmed that bwin has received its proposal to acquire the entire issued and to be issued share capital of bwin.party.