Betfair makes case for independence
ONLINE gambling company Betfair raised its profit forecast and cost savings target yesterday, making its case for independence as it tries to stave off a £910 million takeover by private equity firm CVC Capital Partners.
Betfair last month rejected a potential offer of 880p a share from CVC, saying the price was too low and had too many strings attached. Its shares rose 6p to 851p after its trading statement, still below the offer price.
Chief executive Breon Corcoran, who joined from Irish bookie Paddy Power last year, declined to comment directly on the takeover but said his strategy was beginning to pay off.