Betfair Lifts Profit Forecast After Spurning $1.4B CVC Bid

Law360, New York (May 7, 2013, 3:12 PM EDT) -- Gambling site Betfair Group PLC on Tuesday lifted its profit forecast and increased its expected cost savings for this year, building a case that it is successfully pioneering its own course after spurning a £910 million ($1.38 billion) takeover offer from CVC Capital Partners.

The U.K. company has been exploring ways to win over shareholders as it braces for a potential hostile bid from CVC Capital. Betfair is mainly trying to prove it is steering itself in a lucrative direction after widespread regulatory and economic fallout...
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