CVC eyes takeover bid for Betfair

The statement confirms that CVC has had preliminary discussions with key shareholders Richard Koch (who holds a 6.5% stake in Betfair), Antony Ball and other partners regarding options.

The deal could include an offer for Betfair by funds advised by CVC together with the aforementioned key shareholders. However, CVC has insisted it does not yet have a firm intention to make a bid.

Betfair said there could be no certainty that an offer will be made, or as to the terms of a possible offer. In the meantime, it "strongly advised" its shareholders not to take any action.

According to the UK's so-called "put up or shut up" rule, CVC is required to either announce a firm intention to make an offer for Betfair, or announce that it does not intend to make an offer, by 5pm on 13 May 2013. The deadline can, however, be extended.

On the back of increased media attention, shares in Betfair rose 12.2% on Monday morning to 785p. Betfair went public in October 2010.

CVC is currently investing the remainder of its €10.8bn buyout fund and has recently launched a new €9bn vehicle.

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• Topics
• UK / Ireland
• Consumer
• Buyouts
• United Kingdom
• CVC Capital Partners Ltd
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