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GVC Holdings Plc, whose offer for the company was turned down in favor of a one from rival 888 Holdings Plc, has twice come back with higher offers.
All eyes are now on Bwin to see what it decides and whether 888 will return with a higher offer.
Following are some of the key developments in the long-running saga:
May 5, 2014 - American activist investor Jason Ader claims support for Bwin.Party shake-up to tackle what he describes as a continuing decline in the business.
May 22, 2014 - Bwin.party agrees deal with investor on board changes.
June 26, 2014 - Bloomberg reports company considering selling itself or part of the company as part of a strategic review, citing two sources.
June 26, 2014 - Bwin.Party says no plans to break up or sell company.
July 15, 2014 - Bwin announces further cost cuts to help it to meet its targets for the year.
Oct 10, 2014 - Britain's plans to bring licensing and taxation of online gambling companies under UK control got the green light on Friday when a court dismissed a legal challenge to the move.
Nov 12, 2014 - Bwin says in early talks with of parties over a "variety of potential business combinations", which could result in an offer being made for the firm.
Jan 30, 2015 - Bwin says new EU VAT rules to hurt 2015 revenue, cashflow
March 11 - Bwin says talks about selling all or part of its business has become more serious.
March 21 - Online gambling company GVC Holdings' CEO tells Reuters that "something like" rival Bwin.party would be of interest.
May 15 - GVC Holdings says it has submitted a bid for bigger rival Bwin.Party.
May 17 - The Sunday Times reports British online gaming company 888 Holdings is to make a takeover approach for rival Bwin.Party.
May 18 - 888 Holdings says it has submitted a proposal to buy Bwin.Party in cash and shares.
May 18 - Reuters reports GVC Holdings is preparing to make a 1.5 billion euro ($1.7 billion) offer for Bwin.Party in partnership with Canada's Amaya Inc, citing a source close to the matter.
May 19 - Gambling firm GVC teams up with Canada's Amaya for Bwin.Party bid
May 21- Bwin.Party says it expects in coming weeks to "reach a conclusion" as discussions with suitors enter a new stage.
July 8 - GVC Holdings offers to buy Bwin.Party for about 900 million pounds ($1.39 billion), the Financial Times reports.
July 9 - Bwin.Party says GVC Holdings offered to buy it in a cash and stock deal valued at 908 million pounds ($1.4 billion)
July 17 - 888 clinches a cash and stock deal to buy Bwin.party Digital worth almost 900 million pounds ($1.4 billion).
July 21 - GVC says it is considering its options regarding Bwin, but there is no certainty it will make a new offer.
July 27 - GVC Holdings returns with a new 1 billion-pound ($1.55 billion) bid for rival Bwin.party.
Aug 7 - GVC Holdings raises offer to buy Bwin.party Digital to 1.03 billion pounds ($1.6 billion).
