Betfair Rejects Improved Bid From CVCOnline Betting Giant Says No To 950 Pence Per Share Offer |
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Betfair, the online betting exchange and gaming operator, today rejected an improved bid from suitor-in-waiting CVC Capital Partners.
CVC, the largest shareholder in Formula 1, offered 950 pence per share, up from an initial offer 880 pence per share. The companies agreed to an extended deadline set for 5 pm today to try and thrash out an acceptable deal but the offer was rejected by Betfair.
Last week Betfair set out its stall to defend its current strategy which was well received by analysts – Jones of Numis told Reuters, "In our view, that underlying value will be realised over time by the current strategy.”
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