|Posted by Robert Dowling on May 18, 2013 at 2:20 PM|
The Private equity firm CVC Capital Partners has abandoned its bid to purchase Sports betting exchange Betfair saying a failure to agree a price and a strategy. The news comes shortly after it was reported that Betfair had rejected an improved 950 pence a share bid proposal from CVC, the largest shareholder in Formula One motor racing. The Betfair board had been reportedly seeking more than £10 per share. Industry analysts are now saying that the failure of talks, which began last month, will increase pressure on recently installed Betfair CEO Breon Corcoran to deliver on a plan to cut costs and pull back from markets such as Greece and Germany where regulatory risk is too high or tax rates punitive.