CVC Capital considering making offer for Betfair

FTSE 250 betting group Betfair has released a statement saying it notes the recent press comment and an announcement made by CVC Capital Partners on Monday morning that it is considering making an offer for the group, and that it, Betfair, 'strongly advises' shareholders to 'take no action'.

The company stressed that there is no certainty an offer will be made and what the terms of such an offer would be.

Gerald Corbett, Chairman of Betfair, said: "With our new team now in place and the announcement of a more focused strategy in December, I believe Betfair is currently going through one of the most exciting phases in its development.

"Our management team is actively implementing the new business plan for the company and we remain fully committed to delivering on the new strategy and providing improved returns for our shareholders."

The share price rose 10.86% to 775.50p by 09:20 Monday.

NR