Private equity company CVC Capital Partners made an offer to buy out online gambling company Betfair for $1.38 billion. Betfair ended up rejecting the offer of 880 pence per share, citing that the price was too low.
Betfair also said that there were too many conditions associated with the offer like the due diligence processor and receipt of recommendation from the board.
“We have a unique business with a market position, profitability, cash flow and prospects that this proposal fails to recognize,” said Betfair Chairman Gerald Corbett in a statement. “Our new management team are implementing the strategy announced in December 2012 and it is this that will realize value for shareholders.”