Betfair set float price

[LeTiss]

The reason they didn't mention it, Peter, is because the figure is significant

Blue Sq sprung to prominence around the same time, I had an account with them. I haven't had a wager with them for years, in fact I couldn't even remember my username. That was until they sent me an email to inform me that my account was now with Betfair

I should imagine there was a number of Blue Sq customers, even if their accounts was dormant, who BF proudly claim have just joined them

[steven1976]

I agree, it feels like a bit of smoke and mirrors. Maybe to get another 200mil on the offer price of 900mil?

[herbie]

The betfair share price has broken through the 880 price today. First time since the CVC offer went in. Have they upped the offer to £10 yet?

[andyfuller]

The betfair share price has broken through the 880 price today. First time since the CVC offer went in. Have they upped the offer to £10 yet?

Sounds like they will offer close to £10 to get a look at the books:

http://www.telegraph.co.uk/finance/news ... tfair.html

[steven1976]

Why do they not have access to their books? Im not sure how it all works but I thought a public traded company had to make their books available to share holders?

[jimrobo]

anyone has access to their public accounts. They'll want to get a closer look at their accounts though so they will have a conditional offer so they can do some due diligence on their actual accounts system.

[Euler]

I'm pretty sure CVC would be able to get a better price if they wait a bit. Not convinced of the current strategy because it is undermining their biggest strength.

[andyfuller]

I agree Peter, I think they are over valued at present.

Can anyone expand on what all the recent various 'Public Dealing Disclosure by an exempt principal trader with recognised intermediary status dealing in a client-serving capacity' are in layman terms?

[steven1976]

Something to do with morgan stanley I think. Dunno what it means though.http://www.investegate.co.uk/ArticlePri ... 910064295E

probably doing the dealio

[Euler]

If you have some involvement with a company this is being bid for, you have to disclose activity on that company.

[Euler]

Statement by Betfair Group plc ("Betfair" or the "Company") regarding possible offer from CVC Capital Partners, Richard Koch, Antony Balland partners (together, the "Co-offerors")

On 22 April 2013, the Board of Betfair announced that it had received and rejected a preliminary proposal from the Co-offerors regarding a possible offer for the Company.

In accordance with Rule 2.6(a) of the Code, the Co-offerorsare required, by not later than 5.00pm on 13 May 2013, to either announce a firm intention to make an offer for Betfair in accordance with Rule 2.7 of the Takeover Code or announce that they do not intend to make an offer.

At the request of the Company, the Panel has consented to an extension of this deadline until 5.00pm on 14 May 2013. By this time either the Co-offerorswill announce that they do not intend to make an offer for Betfair or the Company will seek a further extension of the deadline referred to above. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Takeover Code. At the end of this period, there is no certainty that an offer for Betfair will be made, nor as to the terms of any such offer (if made).

[Euler]

Discussion terminated, looks like I was right to sell into the market.

http://www.investegate.co.uk/betfair-gr ... 00106160E/

Following the announcement of the trading and strategy update, the Board received a revised proposal from the Co-offerors (the "Revised Proposal") on the evening of Friday, 10 May 2013. The Revised Proposal valued each Betfair share at 920 pence per share in cash (an increase of 5% over 880 pence) or an unlisted securities alternative of shares and loan notes subject to an overall limit of £250 million or approximately 26% of Betfair's issued share capital. The Revised Proposal remained conditional on, inter alia, completion of due diligence, arrangement of appropriate financing and receipt of a recommendation from the Board. The Board reviewed the Revised Proposal with its advisers and rejected it. This was communicated to the Co-offerors by the Chairman of Betfair (the "Chairman") on the morning of Saturday, 11 May 2013 and the Chairman sought to understand whether the Co-offerors would be making a further revised proposal.

On the evening of Sunday, 12 May 2013, the Board received a further revised proposal from the Co-offerors, which was described as a "full and final offer" (the "Further Revised Proposal"). The Further Revised Proposal valued each Betfair share at 950 pence per share in cash (an increase of 8% over 880 pence) or an unlisted securities alternative of shares and loan notes valued at 920 pence per share subject to an overall limit of £250 million or approximately 26% of Betfair's issued share capital. The Further Revised Proposal remained conditional on, inter alia, completion of due diligence, arrangement of appropriate financing and receipt of a recommendation from the Board.

The Board reviewed the Further Revised Proposal with its advisers and rejected it on the basis that it undervalues the Company and its attractive prospects. The Chairman communicated this decision to the Co-offerors on Sunday evening but indicated that, if the Co-Offerors were willing to further improve their proposal, the Board would consider further discussions. The Co-offerors indicated a willingness to reconsider their proposal in conjunction with discussions regarding their business plan for Betfair.

During these discussions it became clear that it would not be possible to agree the terms of any proposal in conjunction with a business plan that was deliverable. In light of this, the parties terminated discussions and the Co-offerors confirmed that they would be issuing a statement under Rule 2.8 of the Takeover Code that they do not intend to make an offer for Betfair.

[andyfuller]

Yeah saw this last night, Mark Davies was posting about it on Twitter.

I would love to know what was in that Business Plan

Also I wonder if the board will now use the cash Betfair have to payout the dividend Mark Davies thinks they will. I suspect they won't and will instead use the cash or part of it for further acquisitions.

Also it will be interesting down the line to see if the board was right to reject the offer, my very uneducated view would be that they are wrong to have done so.

[Euler]

Also it will be interesting down the line to see if the board was right to reject the offer, my very uneducated view would be that they are wrong to have done so.

I agree, the brand was built on the concept of 'bet - fair' not a bloody sportsbook. By pursuing that so publically they will become just another bookmaker.

[andyfuller]

I fully agree - they have very much diluted the product and brand.

Share Price took a bit of a whack on the open, opened at 830 from a close yesterday of 895 (-7.26%) but has since recovered to 860, down 3.91% on the day.

Mark Davies saying on twitter that one of the 65 shareholders that hold over 140,000 shares got rid of 140,000 a short while ago.