Pointing that the offer “undervalued the firm”
Betfair rejects CVC takeover
2013-04-22
Reading time 28 seg
(UK).- Betfair has rejected a us$ 1.38 billion takeover offer from private equity firm CVC Capital Partners, asserting that the offer “undervalued the company.” The offer from CVC, Richard Koch, Antony Ball and partners, received on Friday, April 19, was worth 880p per share.
Betfair said the board had reviewed the proposal and "rejected it on the basis that it fundamentally undervalues the company and its attractive prospects and is highly conditional."
In a statement, Betfair chairman Gerald Corbett said: “We have a unique business with a market position, profitability, cashflow and prospects that this proposal fails to recognise. Our new management team are implementing the strategy announced in December and it is this that will realise value for shareholders."
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