CVC Drops Betfair Takeover Bid After $1.5B Offer Is Spurned

Law360, New York (May 14, 2013, 11:57 AM EDT) -- U.K. private equity firm CVC Capital Partners has dropped its £1 billion ($1.53 billion) offer to acquire online gambling enterprise Betfair Group PLC after the London-listed firm rejected CVC's sweetened offer, Betfair said in a securities filing Tuesday.

Betfair, which had spurned CVC's initial £910 million offer in April, said the revised bid still undervalued the company and discussions with the private equity firm stalled because of disagreements over the gambling outlet's long-term business plan.

"The board has spent considerable time assessing the various proposals, including...
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