Softbank Sold Betfair Shares to Deutche Bank

The Japanese technology firm, long standing investor and major shareholder, Softbank shed its last tranche of a 10.6 percent holding in Betfair to Deutsche Bank. By close of markets on Monday, Betair's shares reacted negatively to the sale, dropping around 4.5 percent. It was in April 2006 when it acquired a 23 percent stake in the betting exchange at GBP13.20 per share effectively valuing the firm at GBP1.5 billion at the time. When private equity group CVC recently bid GBP1 billion for a take-over, Betfair CEO Breon Corcoran, backed by Softbank, smoothly rejected the offer. Now, Softbank sold off 11 million shares at GBP8.07 per share Monday to Deutsche Bank who then sold the GBP88.7 million holding on to institutional investors that include Henderson and Kames Capital.