Potential bidders circling the Ladbrokes betting shop chain were today told their offers undervalued the long-term prospects of the business.
Hilton Group, which is due to be renamed Ladbrokes following a deal to sell its hotels, confirmed in a statement that it had received more approaches for the high street chain over the past month.
One of those is thought to be a £3.7bn (€5.4bn) proposal from the buy-out group CVC Capital, which the Financial Times said today had been rejected.
Hilton noted the press speculation but did not elaborate on the identities of the parties involved, or the value of the bids.
It added: “These approaches included a number of pre-conditions and failed to recognise the long-term strategic value of Ladbrokes.”