UPDATE 1-Bwin.Party outlines turnaround plan, more cost cuts
* Company has been criticised by U.S. investor
* Plans additional 15 mln euros of cost cuts in 2015
* Could "play active role" in industry consolidation (Adds CEO comment, shares, industry context)
By Keith Weir
LONDON, Aug 29 (Reuters) - Online gambling company Bwin.Party set out plans on Friday to cut costs further and improve the performance of a business that has suffered a series of setbacks since its creation three years ago.
Under pressure from a new U.S. activist shareholder, Bwin said it would be prepared to play a part in industry consolidation, comments that could revive speculation over a possible break-up of the company.
Jason Ader, whose Spring Owl vehicle bought a 5 percent stake in Bwin.Party this year, has criticised the way the company has been run since its formation. Shares in the company are down by about a third this year and its market value has fallen to about 660 million pounds ($1.1 billion).
Chief Executive Norbert Teufelberger said that performance had been disappointing. He conceded that some of the company's problems were home grown, but added that it has also been hit by a tougher regulatory environment in a number of markets.
Bwin.Party said it would cut costs by a further 15 million euros ($19.8 million) in 2015, on top of 30 million euros that it will save this year. Continued...