CVC-Betfair deal collapses
CVC’s potential takeover of gambling group Betfair has collapsed, with both sides unable to agree on financial terms.
According to a statement released this morning, CVC has no intention of making any further bids for Betfair.
CVC initially made an 880p-a-share offer, valuing the firm at £912m. The GP proposed the creation of a new company and the issuance of new shares and loans to existing shareholders. The company's board rejected the offer on the grounds that it undervalued the firm and its future prospects.
The GP then upped its proposal to 920p, which was also rejected by the board.
The private equity firm's full and final offer of 950p per share, which valued the firm at £988m, was deemed too low, though the board did suggest it would be open to an improved offer. CVC will make no further bids for the company.
More on UK / Ireland
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater