Betfair consents to CVC bid extension

A Betfair statement Monday said private equity firm CVC Capital Partners has been granted an additional 24 hours to commit to a firm bid for the online gambling firm.

It is seemingly a collaborative decision between Betfair, CVC and Britain’s Takeover Panel as the extension required the go ahead from the Betfair Board, indicating the pursuit of a mutually acceptable offer instead of a hostile bid scenario.

Late last month (April), Betfair rejected an offer from CVC of 880 pence per share, saying the price significantly undervalued the company .

CVC now has until 1700 GMT on Tuesday, 14 May 2013 to make an offer, request another deadline extension or walk away.