Betfair is digging in following the offer of 880p a share from private equity firm CVC.
The bid of 880p has been widely regarded as little more than an opening move in what is likely to become a protracted negotiation.
Betfair, meanwhile, appears determined to resist any advances from CVC.
As Betfair reported that revenue and profit would meet or exceed forecasts of £387m and £73m respectively, chief executive Breon Corcoran (pictured) ramped up the rhetoric: “It goes to show you can’t believe everything you read.
“We have a healthy balance sheet and a management team that is here for growth,” said Corcoran – although he did admit to some “product and capability gaps.”
CVC has until May 13 to table a formal bid although that deadline could be extended.
