Following a day of frantic negotiation and a 24-hour extension to yesterday’s 5pm deadline, talks between CVC Capital Partners and Betfair collapsed last night despite two improved offers from the private equity group.
The online betting exchange said it had received a 950p-per-share offer in cash and shares, valuing the company at £988m, on May 12 which it rejected, indicating it would consider an improved proposal.
However, a statement from CVC - which had originally bid 880p a share - said it would not be making an improved offer, having first raising its bid to 920p and then 950p.
Gerald Corbett, Betfair chairman, said: “The board has spent considerable time assessing the various proposals, including detailed discussions with the co-offerors. The board concluded that none of the proposals represented adequate value or acceptable execution risk.”
Betfair shares closed on Monday at 895p.
