Betfair makes case for independence

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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.

Under Corcoran, Betfair has withdrawn from markets such as Greece and Germany where regulations are not clear cut or tax rates punitive and has cut 500 jobs.