UK online betting and gaming operator Betfair Group Ltd (LON:BET) on Tuesday said it had terminated talks with suitors CVC Capital Partners Ltd combined with Richard Koch, Antony Ball and partners, as the parties had failed to agree on price.
After making an initial proposal of £8.80 ($13.51/€10.41) in April, CVC increased the price twice to £9.20 and £9.50 a share respectively, but refused to raise it further. Betfair turned down all of these proposals, as undervaluing the company and its prospects, it said.
CVC had until today to make a firm bid, or walk away from a deal.
In a comment, Betfair’s chairman Gerald Corbett said his company had looked into the various proposals and held detailed talks with the suitors, but none of the offers received from them provided “adequate value, or acceptable execution risk.”
The company expressed confidence in the value to be delivered from the implementation of its strategy announced in December 2012 , as well as in the company’s outlook and growth prospects.