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Canaccord downgrades Entertainment One after it rejects ITV bid

Thu, 11th Aug 2016 12:15

(ShareCast News) - Canaccord Genuity lifted its price target on Entertainment One to 236p from 225p and cut the recommendation to 'hold' from 'buy' after it rejected a preliminary approach from ITV valuing the stock at 236p per share.The brokerage said the likelihood of another offer, that would be acceptable to ETO shareholders, is currently unclear but the potential strategic rationale makes it a possibility. In addition, the bid provides a useful benchmark for valuation purposes."Further upward moves are likely to be dependent on ITV tabling a higher bid," Canaccord said.It noted the share price is now trading broadly in line with its revised target price after the surge of around 10% Tuesday and further gains of 10% on Wednesday.Canaccord had argued in the past that there could be a strategic rationale for ITV wanting to buy the business, given its focus on content in recent years and the increased scale/international diversification a deal would bring."However, ETO's goals have been clearly communicated - its management team aims to double the size of the business, and as yesterday's RNS illustrates, the board clearly sees greater value in the assets than the 236p approach, which would put the stock on a 9.3x calendar 2016E EV/EBITDA based on our estimates."The Toronto-based film and TV distributor said on Wednesday that its board had unanimously rejected ITV's offer as it "fundamentally undervalues the company and its prospects".At 1220 BST, Entertainment One shares were up 0.1% to 240.33p.
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20 Jan 2016 18:02

UPDATE 2-Activist Livermore calls for strategic change at Entertainment One

(Adds Wednesday share move, background on CPPIB pension fund stake, paragraphs 8, 14) By John Tilak TORONTO, Jan 20 (Reuters) - U.S. activist hedge fund Livermore Partners is calling on Canadian and UK media firm Entertainment One to slow down its pace of dealmaking and improve its ca

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20 Jan 2016 16:13

Activist Livermore calls for strategic change at Entertainment One

TORONTO, Jan 20 (Reuters) - U.S. activist hedge fund Livermore Partners is calling on Canadian and UK media company Entertainment One to slow down its pace of dealmaking and improve its cash flow, the fund's top executive said. Livermore could also push Entertainment One into a sale of the

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15 Jan 2016 08:50

Canada Pension Plan head joins Entertainment One board

(ShareCast News) - Canada Pension Plan Investment Board's Scott Lawrence has joined the board of Entertainment One as a non-executive director. Lawrence is the managing director and head of relationship investments at the investment board, which holds a 19.8% stake in the company which produces Pepp

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22 Dec 2015 13:13

Newspaper share tips: ITV sale rumours not worth much

(ShareCast News) - The Financial Times was looking at swirling rumours around the UK's biggest commercial broadcaster, while the Telegraph was looking back on its mistakes this week. FT's Lex column looked to television on Tuesday, amid the circulating rumours that oft-maligned US media giant Comcas

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18 Dec 2015 15:26

FTSE 250 movers: Market to end the day in the red

(ShareCast News) - The FTSE 250 was on track to finish Friday in the red after being bolstered on Thursday after the Fed rate hike. The market was down 72.46 points (0.42%) to 17,104.82 by mid-afternoon. Entertainment One undid Thursday's gains from its announcement it had extended its output agreem

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17 Dec 2015 17:16

LONDON MARKET CLOSE: Wall Street Losses Weaken UK Gains

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17 Dec 2015 15:04

FTSE 250 movers: Entertainment One deal boosts share price

(ShareCast News) - The FTSE 250 was up on the back of Wednesday night's rate hike from the Federal Reserve, up 122.43 points (0.72%) to 17,198.37 by mid-afternoon Thursday. Entertainment One surged over 5% after it announced it had extended its output agreement with DreamWorks Pictures through the c

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17 Dec 2015 12:19

LONDON MARKET MIDDAY: US Stocks Set To Add To Fed-Inspired Rally

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17 Dec 2015 11:02

Peppa Pig joins with Spielberg for new film venture

Dec 17 (Reuters) - Peppa Pig maker Entertainment One has teamed up with Steven Spielberg's DreamWorks Pictures to create a new film, television and digital content company to expand beyond its popular cartoon show. The joint venture company, Amblin Partners, will take on film distribution

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17 Dec 2015 10:48

WINNERS & LOSERS SUMMARY: Banks Up, Housebuilders Down After Fed Move

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17 Dec 2015 08:32

LONDON MARKET OPEN: Fed Rate Hike Sparks Global Stock-Market Rally

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17 Dec 2015 07:45

Entertainment One extends deal with DreamWorks through new partnership

(ShareCast News) - Entertainment One has extended its output agreement with DreamWorks Pictures through the creation of a new partnership. Along with some of the biggest names in the film industry including Steven Spielberg, the FTSE 250 company has joined a new film, television and digital content

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17 Dec 2015 07:41

Entertainment One Teams With Steven Speilberg For Amblin Partners

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16 Dec 2015 09:50

BROKER RATINGS SUMMARY: Exane BNP Raises Pearson To Outperform

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14 Dec 2015 15:14

FTSE 250 movers: Commodities downturn clobbers midcaps

(ShareCast News) - The FTSE 250 bounced around on Monday with the market in the red by mid-afternoon, down 16.77 points (0.10%) to 16,860.52. The commodities downturn hit a number of FTSE 250 companies on Monday, with Evraz down over 15% by mid-afternoon. Three-month metal contracts were down, with

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