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Bwin.Party says no plans to break up or sell company

(Reuters) - Online gambling company Bwin.Party Digital Entertainment has denied a report that it was considering the break-up or sale of its business, but said it was examining ways to increase shareholder value.

Bloomberg reported earlier on Thursday that the company had appointed Deutsche Bank to explore a partial or complete sale of the company as part of a strategic review.

"There are no plans to break-up or sell the company," Bwin.Party said in a statement.

Shares in the company were trading 4 percent higher at 96.4 pence at 0838 GMT (4.38 a.m. EDT), after being up an initial 11 percent.

The gambling firm said its newly appointed chairman Philip Yea was looking at how to "increase shareholder value" after a revolt by an activist shareholder who claimed the business was badly managed.

The shareholder, American investment group SpringOwl which has a five percent stake in the company, agreed with Bwin.Party last month to take a seat on the board.

Bwin.party is the product of a 2010 merger between sports betting group Bwin and online poker group PartyGaming.

(Reporting by Karen Rebelo in Bangalore and Karolin Schaps in London; Editing by Gopakumar Warrier)