ne betting exchange Betfair have rejected a £910m takeover bid from CVC Capital Partners Limited.

The private equity firm, in conjunction with a selection of investors, made a preliminary proposal on 19 April regarding a possible offer for the operators of 880 pence per share in cash, or an unlisted securities alternative comprising shares and loan notes in a new entity.

Betfair rejected the proposal following a review of the terms, stating that the offer “fundamentally undervalues” the company and its prospects, and is also “highly conditional”.

Betfair chairman Gerald Corbett said: “We have a unique business with a market position, profitability, cash flow and prospects that this proposal fails to recognise.

“Our new management team are implementing the strategy announced in December 2012 and it is this that will realise value for shareholders.”