March 10 (Bloomberg) -- BLB Investors Plc, an investment company backed by Starwood Capital Group LLC, Waterford Group LLC and affiliates of Kerzner International Ltd., said it may bid for Wembley Plc, the U.K. owner of gambling venues that agreed to be acquired by MGM Mirage in January.

BLB agreed to buy 8.1 percent of Wembley from Active Value Fund Managers Ltd. and can raise this stake to 14.98 percent under the terms of an agreement, the company said in a Regulatory News Service statement.

MGM, the third-biggest U.S. casino company, agreed to buy Wembley for 270 million pounds ($493 million) in January to add its first gambling venues in the U.K. as the British government considers relaxing gaming laws.

To contact the reporter on this story: Toby Anderson in London at tanderson7@bloomberg.net

Last Updated: March 10, 2004 07:47 EST