On Tuesday, the online gambling company Betfair increased its profit forecast which included the company's target on cost savings. The move is clearly meant for justifying its independence as it attempts to avoid a US1.4 billion acquisition by CVC Capital Partners, a private equity firm, according to Reuters.

Reuters also added that in April, Betfair already turned down the offer of 880 pence per share by CVC, saying that the bid was excessively low plus there were too many conditions being required. After its trading statement, the price of shares went up by approximately above two percent to 863.5 pence which is till lower than the price offered. 

Breon Corcoran, Chief Executive Officer of Betfair refused to give a statement regarding the takeover, but he disclosed that his strategy was starting to see results.  It was under his management that Betfair was able to leave markets of Germany and Greece where policies were not clear or tax charges penalize companies. It was able to slim down 500 jobs as part of cost saving programme worth GBP30 million or US$46.6 million.

In an interview, Corcoran told reporters, "The business is making excellent progress. We had a stronger than expected finish to FY 13 and momentum is strong. Recent performance indicates that our strategy is working and that the combination of the exchange and sports book can be very potent."