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CVC CONFIRMS IT IS &#039;IN TALKS&#039; WITH ONLINE BETTING EXCHANGE INVESTORS
15th April, 2013 at 04:51:13
Preliminary discussions with investors
Reports on Sky News over the weekend that Betfair
plc was being targeted in a takeover bid by CWC Capital Partners (see previous reports) were confirmed Monday by CWC, which revealed that it is in talks about making a takeover offer for the betting exchange.
CVC told the Reuters news service that it has held preliminary discussions with investors Richard Koch, Antony Ball and other partners about Betfair, which could include an offer for the firm by funds advised by CVC together with the two men and partners.
Koch, a co-founder of international strategy consultancy LEK Consulting, holds a 6.5% stake in Betfair. Ball is a non-executive director at Luxembourg-listed investment group Brait and is the co-founder of its private equity business.
Betfair remained silent on the issue Monday, declining an invitation to comment by Reuters.
Shares in Betfair have risen 6% in the last three months, but they are still trading at almost half the group's 2010 listing price. The stock closed on Friday at 699.5 pence, valuing the company at just over £ 725 million.
Betfair has been losing market share in Britain where the online gambling sector is highly competitive in recent months. Many analysts believe the company has suffered from failing to identify clearly if it regarded itself as a gambling or a technology company.
Related News Tags: Betfair
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