International edition
September 26, 2020

Despite two improved offers from the private equity group

CVC and Betfair talks break down

(UK).- Following a day of frantic negotiation and a 24-hour extension to yesterday’s 5pm deadline, talks between CVC Capital Partners and Betfair collapsed last night despite two improved offers from the private equity group.

T

he online betting exchange said it had received a 950p-per-share offer in cash and shares, valuing the company at us$ 1.16 billion, on May 12 which it rejected, indicating it would consider an improved proposal.

However, a statement from CVC - which had originally bid 880p a share - said it would not be making an improved offer, having first raising its bid to 920p and then 950p.

Gerald Corbett, Betfair chairman, said: “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.” Betfair shares closed on Monday at 895p.

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