The board of directors at Betfair have rejected the £912 million offer from CVC, claiming the offer “undervalued” the company.
This is despite current shares valuing the company at approximately £840 million. Ironically, the shares saw one of the biggest jumps in their IPO history when CVC announced the offer, when they leapt up by an astonishing 35 points (4.4%).
The Betfair board summed up their rejection of the offer by stating they are “confident in the company’s strategy and growth prospects as it goes through an exciting stage”.
But of course, the question on everyone's lips is, will CVC make a counter offer?
Betfair are due to provide a further market update on 7th May 2013.
For the full details on the Betfair share position, visit The Telegraph.
Plus, you can read a full review of the Betfair Casino here.
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