CVC to make second bid for Betfair

CVC is believed to be currently working on its bid with key shareholder Richard Koch, who owns a 6.5% stake in Betfair. The new offer would reportedly value the company at close to £1bn.

Earlier this month, CVC's offer of 880p per share was rejected by Betfair. This time, CVC is expected to bid in excess of 900p.

If CVC misses the deadline, the buyout firm cannot bid again for another six months according to the UK's Takeover Code.

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• UK / Ireland
• United Kingdom
• CVC Capital Partners