BetFair (B+) Rejects Takeover Offer
April 23, 2013
British Bookie BetFair (Rating B+) rejects buyout offer from a private equity firm for $1.3 Billion. The offer comes from a company called CVC Capital Partner, a company best know for sponsoring Formula 1. That company is run by one Richard Koch, an early investor of BetFair and 6% share holder.
Betfair responded to the offer on their website:
“(The offer) fundamentally undervalues the Company and its attractive prospects, and is highly conditional. We have a unique business with a market position, profitability, cash flow and prospects that this proposal fails to recognize.”
Betfair stated it looks forward to the future and implementing all of its marketing strategies and looks forward to building a bigger, stronger, global brand.
Bet Fair is rated B+ at SportsbookAdvisor.com. B+ is a very high grade and is based on solid feedback from players as well as a long healthy track record. Betfair is based in the U.K. and does not accept wagers from people within the United States of America.