If betting group's board had extended the bid
Koch claims CVC Betfair bid was close to completion
2013-06-05
Reading time 42 seg
(UK).- CVC Capital's £1bn Betfair bid could have been made if the online betting group's board had extended the bid and provided earlier access to CEO Breon Corcoran, according to Richard Koch, who owns 6.4pc of Betfair and had teamed with CVC on the takeover.
Koch also claimed the bidders had the backing of “more than 50pc of the shareholders” adding that they were only given access to the Betfair chief in the few hours before the “put up or shut up” deadline.
“He was put in a very difficult position,” said Koch, giving his first interview since the bid collapsed. He admitted it was “probably a mistake” that the bidders had no alternative management team but believed a deal could have been done if the board, led by chairman Gerald Corbett, had allowed a longer extension than 24 hours.
“The company took the view that either we had a deal within 24 hours or 48 hours, or we didn’t. And that may have been unfortunate. It could have been extended,” he said.
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