Deadline Today for F1 Owners CVC to Increase Betfair Takeover Bid

May 13, 2013

Online betting company Betfair are still waiting for CVC Capital Partners to increase their bid to takeover the company.

The UK’s Takeover Panel has set today (Monday) as the deadline to raise their 880 pence per share offer or pull out of the running.

Betfair rejected the £912m offer from CVC, ask who own Formula One, recipe in April and said it ‘fundamentally undervalued’ the company.

Betfair CEO Breon Corcoran said: “A new management team is in place and a wide ranging restructuring has been completed ahead of schedule, allowing us to increase our cost savings substantially.”

The betting company has saved £23m by cutting jobs and estimated revenue for the financial year that ended on 30 April was announced as £387m.

The original approach from CVC and investors that included Richard Koch and Antony Ball, offered 880 pence per share in cash or an ‘unlisted securities alternative made up of shares and loan notes in a new entity.’