Takeover talks between Betfair and private equity firm CVC Capital Partners have been terminated after Betfair rejected two new revised bids for the company including a final offer of 950 pence per share which would have valued the online gaming and betting operator at close to £1bn.

Last month Betfair rejected a preliminary £912m offer from CVC Capital and other investors including Richard Koch and Antony Ball, on the basis that it fundamentally undervalued the company and its prospects.

The company received a revised proposal last Friday evening of 920 pence per share, an increase of 5 per cent over the previous offer price...

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