Betfair rejects bid approach

Internet betting company Betfair confirmed that it has rejected a proposal for a possible bid offer, explaining that it undervalues the company's prospects and was highly conditional.

On April 15th 2013 CVC Capital Partners said it was in talks with Richard Koch, Antony Ball and partners regarding options for Betfair

Less than a week later, Betfair received a preliminary and conditional proposal about a possible offer at 880p per Betfair share, in cash or an unlisted securities alternative comprising shares and loan notes in a new entity.

"The proposal was conditional on, inter alia, completion of due diligence, arrangement of appropriate financing and receipt of a recommendation from the Board of Betfair," it explained.

Otherwise Betfair said it is confident in its strategy and growth prospects.

CJ