Betfair wins 24-hour extension for bid from private equity firm CVC

Betfair has won 24-hour extension to consider bid offer from private equity firm CVC Photograph: Nigel French/PA Archive/Press Association Ima

Betfair has been granted a 24-hour extension to a deadline on talks that could see the gambling group taken over, after rebuffing an approach by private equity firm CVC Capital Partners last month.

The UK's Takeover Panel had set Monday as the cut-off point for CVC to either raise its initial 912m bid, or withdraw, after Betfair rejected the first 880p-a-share approach as it "fundamentally undervalued" the company.

However, the two sides appear to have moved closer and on Monday Betfair said: "At the request of the company, the Panel has consented to an extension of this deadline until 5.00pm on 14 May 2013".

Rule 2.6c of the Takeover Code states that "the Panel will normally consent to an extension of a deadline … at the request of the board of the offeree company and after taking into account all relevant factors, including: (i) the status of negotiations; and (ii) the anticipated timetable for their completion".

Betfair shares closed down 3p at 895p, after trading as high as 947.5p during the day.