Key Developments: Betfair Group PLC (BTFRF.PK)
12.23USD
17 Apr 2013
$0.18 (+1.53%)
$12.05
$12.25
$12.25
$12.23
5,500
497
$13.20
$10.31
Latest Key Developments (Source: Significant Developments)
Betfair Group PLC Announces Termination of Offer Discussions
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. Full Article
Betfair Group PLC Issues FY 2013 Guidance Above Analysts' Estimates
Betfair Group PLC announced that for fiscal 2013, it expects group revenue was approximately GBP387 million (FY 2012:GBP388 million), ahead of guidance. The outperformance was driven by stronger than expected UK sportsbook revenues, particularly via the mobile channel, and revenue resilience in countries where the Company have ceased marketing. Group's underlying EBITDA was also higher than guidance at approximately GBP73 million (FY 2012: GBP86 million). This was driven primarily by the better revenue performance. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of GBP380 million and EBITDA of GBP71 million for fiscal 2013. Full Article
Betfair Group PLC Announces Rejection of Possible Offer
Betfair Group PLC (Betfair) announced that on 15 April 2013, CVC Capital Partners Limited ("CVC") announced that it was in preliminary discussions with Richard Koch, Antony Ball and partners (together with CVC the "Co-offerors") regarding options in respect of Betfair Group plc ("Betfair" or the "Company") which could include a possible offer for Betfair. On 19 April 2013, the Board of Betfair received a preliminary proposal (the "Proposal") from the Co-offerors regarding a possible offer for the Company at an offer price of 880 pence per Betfair share in cash or an unlisted securities alternative comprising shares and loan notes (subject to an unspecified overall limit) in a new entity to be incorporated to implement the Proposal. 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. The Board of Betfair has reviewed the Proposal with its advisers and rejected it on the basis that it undervalues the Company and its prospects, and is conditional. Full Article
Rank Group PLC Announces Sale Of Blue Square Bet Business To Betfair Group plc
Rank Group PLC announced that t it has completed the sale of the assets of its Blue Square Bet business to Betfair Group plc for GBP5 million. Rank intends to focus its resources on further developing the Grosvenor Casinos and Mecca brands in venues and via digital channels. Full Article
Betfair Group PLC Issues FY 2013 Guidance Below Analysts' Estimates-Conference Call
Betfair Group PLC announced that for fiscal 2013, it expects revenues of between GBP370 million and GBP385 million, an underlying EBITDA of between GBP65 million and GBP70 million. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenues of GBP398.45 million and EBITDA of GBP82.70 for fiscal 2013. Full Article
Betfair Group PLC Proposes Interim Dividend
Betfair Group PLC announced that the board has proposed the payment of an interim dividend of 4.0 pence per share. This will be paid on January 25, 2013 to holders of relevant shares on the register at December 21, 2012. Full Article
Betfair Group PLC Announces New Chief Financial Officer
Betfair Group PLC announced the appointment of Alexander Gersh as Chief Financial Officer and Executive Director on December 3, 2012. Alex succeeds Stephen Morana, who, as previously announced, indicated he would step down as Chief Financial Officer and Executive Director upon appointment of a successor. Stephen steps down from the Board on the same date, but has agreed to make himself available over the next few months to ensure a smooth transition. Full Article
Betfair Group PLC Recommends Final Dividend
Betfair Group PLC announced that the Board recommends the payment of a final dividend of GBP0.07 per share. Together with the interim dividend ofGBP0.032 per share, the proposed full year dividend is GBP0.102 per share. This represents a payout of 20% of Core Betfair adjusted earnings per share. The ex-dividend date will be September 5, 2012, for payment on October 3, 2012. Full Article
Betfair Group PLC Announces Appointment Of Gerald Corbett As Chairman
Betfair Group PLC announced that Gerald Corbett, Deputy Chairman of Betfair Group PLC, will become Chairman, effective immediately. As Edward Wray, the co-founder of Betfair Group PLC, will step down as Chairman. Full Article
Stephen Morana To Become Interim Chief Executive Officer Of Betfair Group PLC As Of January 1, 2012
Betfair Group PLC announced that Stephen Morana, Group CFO since 2006, will become Interim Chief Executive Officer (CEO) as of January 1, 2012. David Yu will step down as CEO and from the Board on the December 31, 2012. Full Article
CVC ends $1.5 billion pursuit of Betfair
LONDON - Private equity firm CVC Capital Partners has ended a 1 billion pound ($1.5 billion) attempt to buy online betting exchange Betfair after the two companies failed to agree on price and strategy.
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