Branson Gives Up On Lottery Bid

[TrueBlueTerrier]

http://blogs.news.sky.com/kleinman/Post ... fed16cf4a9" onclick="window.open(this.href);return false;

A consortium involving Sir Richard Branson has withdrawn from the auction of the National Lottery operator Camelot after it declined to underwrite costs associated with its bid, I have learned.

Sir Richard was bidding to acquire Camelot in a personal capacity alongside the Dutch Postcode Lottery. I understand that the charitable foundation of the TCI hedge fund tycoon Christopher Hohn was part of the consortium as well.

It isn’t the only bidder to have pulled out. The private equity group Providence Equity Partners is also understood to have walked away from Camelot, and there is serious doubt about whether BC Partners and La Francaise des Jeux (the operator of the French lottery) will submit fresh offers.

It remains possible that Sir Richard or other members of his consortium could become involved with one of the other bidders for Camelot, who have been asked by the Lottery operator’s shareholders to table their offers by the close of business today.

But by deciding not to raise its earlier offer (which was at the lower end of expectations) in time for today’s deadline, the Branson consortium has effectively signalled that it is pulling out.

Those expected to bid today include CVC Capital Partners and Ontario Teachers, the vast Canadian pension fund.

Each of the bidders has held talks with the industry regulator, the National Lottery Commission, although they have not been given formal guidance about how much leverage (or debt) they can apply to Camelot as part of their takeover plans.

That’s significant because at least three of those likely to submit offers by the end of today typically finance the majority of their purchases using debt.
Still, one person familiar with the process has suggested to me that Ontario Teachers is at this stage a potential frontrunner because of its long-term investment horizon.

As I revealed several months ago, Royal Mail’s decision to consider offers for its 20 per cent stake in Camelot rounds off a full house of the company’s shareholders looking for a sale jackpot. The company as a whole is likely to fetch in the region of £350m

[Lounge Lizard]

Beardie should have just stuck with his record shop instead of messing up eveything as a Jack of all trades.

[Carnoustie]

Be fair, LL.

At least he's never tried to buy-out Royal Mail and re-brand it as part of the Virgin empire.

Mind you, we've all been f_cked so many times by RM, that would probably be in breach of thre Trades Description Act or some such sh!t

[Lounge Lizard]

Be fair, LL.

At least he's never tried to buy-out Royal Mail and re-brand it as part of the Virgin empire.

Mind you, we've all been f_cked so many times by RM, that would probably be in breach of thre Trades Description Act or some such sh!t

The only part of the 'Virgin empire' I've had the misfortune to experience are his trains.
Both before and after he had the Cross Country franchise there were regular THROUGH trains between North West England and south West England, but while he was running it there were none, necessitating a change at that most dismal of stations, Birmingham New Street.
And look at the fares. On the West Coast franchise, which he still has, a Preston to London day return has steadily crept up to £271 - mose than I take home most weeks in a full time job.

[k979aaa]

VIRGIN Inexperienced untried modest un-worked chaste!. Need i say anymore.