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Betfair Group PLC Announces Termination of Offer Discussions

Tuesday, 14 May 2013 02:01am EDT 

Betfair Group PLC announced that discussions with CVC Capital Partners, Richard Koch, Antony Ball and partners (together, the Co-offerors) have been terminated. On April 22, 2013, the Board of Betfair announced that it had rejected a preliminary proposal from the Co-offerors regarding a possible offer for the Company at an offer price of 880 pence per Betfair share. On May 7, 2013, Betfair announced a trading and strategy update following the completion of its financial year ended April 30, 2013. Following the announcement of the trading and strategy update, the Board received a revised proposal from the Co-offerors on May 10, 2013 valuing each Betfair share at 920 pence per share in cash or an unlisted securities alternative of shares and loan notes subject to an overall limit of GBP 250 million or approximately 26% of Betfair's issued share capital. On May 12, 2013, the Board received a further revised proposal from the Co-offerors valuing each Betfair share at 950 pence per share in cash. The Board reviewed the further revised proposal and rejected it on the basis that it undervalues the Company and its prospects. The Co-offerors indicated a willingness to reconsider their proposal in conjunction with discussions regarding their business plan for Betfair. During these discussions it became clear that it would not be possible to agree the terms of any proposal in conjunction with a business plan that was deliverable. In light of this, the parties terminated discussions. 

Company Quote

1.0 +0.09%
11:35am EDT