Betfair Rejects Takeover OfferUK Online Gambling Operator Says Offer “Undervalues” Company |
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Betfair, the world’s largest betting exchange and one of the iPoker network’s largest poker operators, has rejected a takeover bid from private equity firm CVC Capital Partners.
A preliminary proposal from CVC Capital Partners, which owns a majority share in Formula 1, to offer 880 pence per share but Betfair said no saying it “fundamentally undervalues” the company and was highly conditional.
Gerald Corbett, chairman of Betfair, said, “We have a unique business with a market position, profitability, cash flow and prospects that this proposal fails to recognise. Our new management team are implementing the strategy announced in December 2012 and it is this that will realise value for shareholders.
“We will provide an update to the market on 7 May 2013 to set out the good progress we are making in the implementation of our strategy, including cost efficiencies, and our recent trading performance."
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