Betfair Consents To Bid Extension

Monday May 13,2013 : BETFAIR CONSENTS TO CVC BID EXTENSION (Update)
 
In pursuit of a mutually acceptable offer?
 
A Betfair statement Monday said private equity firm CVC Capital Partners has been granted an additional 24 hours to commit to a firm bid for the online gambling firm.
 
It is seemingly a collaborative decision between Betfair, CVC and Britain's Takeover Panel as the extension required the go ahead from the Betfair Board, indicating the pursuit of a mutually acceptable offer instead of a hostile bid scenario.
 
Late last month (April), Betfair rejected an offer from CVC of 880 pence per share, saying the price significantly undervalued the company (see previous InfoPowa report).
 
CVC now has until 1700 GMT on Tuesday, 14 May 2013 to make an offer, request another deadline extension or walk away.