of the largest shareholders in operator BwinParty have placed 50 million shares.

Trustees for Emerald Bay and Stinson Ridge, which is owned by operator PartyGaming founders Ruth Parasol and her former husband James Russell DeLeon, placed the shares at 93p, accounting for 6% of the company.

PartyGaming merged with fellow operator Bwin in 2011.

Emerald Bay Limited elected to enter into a divestiture agreement with BwinParty and the New Jersey Division of Gaming Enforcement (DGE) in October 2013, when it was announced that certain substantial shareholders in BwinParty would be required to submit individual licence applications to the DGE or otherwise dispose of their shareholdings.

BwinParty chairman Philip Yea said: “We welcome today’s news regarding the placing by the trustees as it provides clarity for the market regarding a significant block of shares that were due to be sold during 2015.

“The sale has no bearing on the board’s discussions regarding proposals received from third parties that are continuing and whilst there can be no guarantee that these discussions will result in any transaction taking place, the board will make further announcements in due course.”

BwinParty’s shares fell 7% in afternoon trading on Friday.

BwinParty confirmed in May that it had received a proposal for the acquisition of the entire issued and to be issued share capital of its business by operator 888 Holdings, which followed previous confirmation that it has received a proposal from online gaming group GVC Holdings.

GVC later announced that its proposal would be jointly financed by provider Amaya Gaming.