According Reuters, CVC Capital Partners and Betfair have concluded their discussion regarding a takeover after the private equity firm advised Betfair that it would no longer make a third revision on their offer for the gambling company.

CVC together with its conglomerate partners Antony Ball and Richard Koch have already increased their bid twice from its 880 pence per share proposal on the 22^nd of April. Then on the 10^th of May, Betfair claims it received a modified bid of 920 pence but they turned it down. On the 12^th of May, CVC modified further its bid to 950 pence per share which will value the company at GBP 988 million or US$1.52 billion. Unfortunately, the board of Betfair declined the recently modified bid offer the same evening but sent word that it is still willing to consider another improved bid. 

Betfair Chairman Gerald Corbett said through a statement, "The Board has spent considerable time assessing the various proposals, including detailed discussions with the Co-offerors."

Mr. Corbet further explained, "The Board concluded that none of the proposals represented adequate value or acceptable execution risk." CVC was given an additional 24 hours to submit a firm offer after the initial 1600 GMT Monday deadline lapsed. But on Tuesday morning, CVC said it would no longer be making a modified bid.

CVC said in a statement, "The consortium confirms it has been unable to agree financial terms with the Board of Betfair and as a result has no intention of making an offer for Betfair,"