Betfair Denies Float
Published: Friday, October 14, 2005 Online-Casinos.com
BETFAIR DENIES FLOAT
Quick response to media speculation
British online betting exchange Betfair issued a fast response to media speculation that it was planning an imminent listing on the London Stock Exchange this week. Asked by Sky TV News whether the rumours were true, a senior executive unequivocally denied these were true.
"We don't have any reason to go for an immediate flotation," MD Mark Davis said. "Why would we float? We have no reason to raise new money, and we don't have any shareholders who are agitating for an exit. We hired Morgan Stanley and Goldman Sachs to advise us on strategic options. They're still advising us, but we don't have any plans for an immediate flotation."
The denial followed an press reports that Betfair had planned a flotation, but had decided to wait until after next year's soccer World Cup in Germany before listing in London. The company, the reports said, believes a delay will allow time for its investment in international expansion to be felt.
Betfair was also named earlier this week as a possible target for a Party Gaming takeover to give the latter group more diversity. A spokesman refuted the rumour, saying it was news to Betfair.
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