Betfair Rejects CVC's $1.4B Acquisition Gamble

Law360, New York (April 22, 2013, 3:59 PM EDT) -- The London-listed online gambling company Betfair Group PLC on Monday rejected a £910 million ($1.38 billion) takeover bid from private equity mainstay CVC Capital Partners, saying the bid undervalued its growth prospects.

In a statement, Betfair said it rejected CVC’s Friday offer after consulting with its financial advisers. The deal would have created a new company and given new shares to current shareholders, according to the company. 

"The board of Betfair has reviewed the proposal with its advisers and rejected it on the basis that it...
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