Rejected! Betfair turns down CVC's £912m takeover bid

Online gaming firm Betfair has declined Formula 1 owner CVC Capital Partners’ £912m takeover bid for being too low.

In a statement, Betfair said its board had rejected the bid because it “fundamentally undervalues the Company and its attractive prospects”.

CVC Capital Partners, Richard Koch and Antony Ball offered the bookmaker 880p per Betfair share on 19 April.

“We have a unique business with a market position, profitability, cash flow and prospects that this proposal fails to recognise,” said Betfair chairman Gerald Corbett.

“Our new management team are implementing the strategy announced in December 2012 and it is this that will realise value for shareholders.  We will provide an update to the market on 7 May 2013 to set out the good progress we are making in the implementation of our strategy, including cost efficiencies, and our recent trading performance.”