Update: Betfair First Grants Extension for CVC Bid then Rejects the Offer

It’s been an intense start of the week for both Betfair and private equity firm CVC Capital Partners, as Betfair first granted an additional 24 hours to CVC to commit to a firm bid for its acquisition, but only hours later rejected the latest offer of the investment company.

Late last month (April), Betfair rejected an offer from CVC of 880 pence per share, saying the price significantly undervalued the company, and this time the new offer of GBP 985 million in cash still seemed to be too low for the gambling company.

Namely, Betfair chairman Gerald Corbett noted on May 13 that the new offer was still too low: "The board has spent considerable time assessing the various proposals, including detailed discussions with the co-offerors.

"The board concluded that none of the proposals represented adequate value or acceptable execution risk."

It was noted in the latest Betfair statement that since the original offer CWC had upped its offer twice - on May 10 offering another 5 percent on its original offer of 880p a share, and again on May 12 in a "full and final offer" of 950 pence per share, or 8 percent more than the original offer – both of which were not considered attractive enough by Betfair directors who refused them.

However, they expressed willingness to remain in negotiations if CWC wished to continue with a better offer. And while CWC agreed to remain at the table, no progress was made so both companies decided to terminate the negotiations.

According to Corbett, "Under the new direction of Breon Corcoran and his management team the Board believes that Betfair is making excellent progress in the implementation of its strategy with momentum building from early success. The Board remains confident in the continued delivery of this strategy and the Company's outlook and growth prospects."

Live activity feed

  • Anchi
    "Casino Extreme Free Slot Spins Bonus Amount: 60 Free Spins Bonus Code: EXTREMELOVERS WR: 30xBonus Slot: Eternal Love Max cashout: 50€ Only one Free Spin promotion may be redeemed between bonus free deposits. Only one withdrawal from a no deposit promotion is granted between deposits. This offer is restricted for players from the following countries: Afghanistan, Albania, Armenia, Belarus, Bosnia and Herzegovina, Bulgaria, Costa Rica, Croatia, Czech Republic, Denmark, Estonia, Hungary, Indonesia, Iran, Iraq, Latvia, Lithuania, Macedonia, Malaysia, Moldova, Montenegro, Myanmar, Pakistan, Philippines, Poland, Romania, Serbia, Singapore, Slovakia, Slovenia, Taiwan, Turkey, Ukraine, and Zimbabwe.  "
  • Luis
    Vampire vixen

    Vampire Vixen

    / one vote
  • Anchi
    "Springbok Casino   50 Free spins for all recent depositors The free spins are valid for everybody with a valid deposit within the last 30 days Bonus Code: WITCH-SPINS Slot: Witch's Brew Max cashout: R1,000 This bonus is valid until October 31st."
  • Anchi
    "Springbok Casino 150% up to R3000 + 75 free spins on Witch's Brew Slot Bonus Code: WITCH-150 This bonus is valid until October 31st.   50 Free spins for all recent depositors Bonus Code: WITCH-SPINS Slot: Witch's Brew This bonus is valid until October 31st.  "
  • $250
    Sign Up Bonus - Exclusive
    Gt bets logo

    GTbets Casino

    / 203 votes
  • Luis
    "Unfortunately I forgot about this contest.. I'm waiting the next one. May be I will buy free Limoplay chips from LCB shop before."
Swipe left or right to see more

lcb activities in the last 24 hours

  • 33
    new members
  • 582
    members online
  • 10197
    guests online
  • 161
    new posts
  • 4948
    free games played
Join the club

Highest Community Rated Online Casinos

Swipe left or right to see more

Latest forum posts

Join today and start earning rewards

You will immediately get full access to our online casino forum/chat plus receive our newsletter with news & exclusive bonuses every month.
S logo

Report to moderator

Use this function to inform the moderators and administrator of an abusive or wrongly posted message.

Please note that your email address will be revealed to the moderators if you use this

Select Language
Search Results