CVC-Betfair deal collapses
According to a statement released on May 14, CVC has no intention of making any further bids for Betfair.
CVC initially made an 880p-a-share offer, valuing the firm at £912m. The GP proposed the creation of a new company and the issuance of new shares and loans to existing shareholders. The company's board rejected the offer on the grounds that it undervalued the firm and its future prospects.
The GP then upped its proposal to 920p, which was also rejected by the board.
The private equity firm's full and final offer of 950p per share, which valued the firm at £988m, was deemed too low, though the board did suggest it would be open to an improved offer. CVC will make no further bids for the company.
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