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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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14 Aug 2016 20:48

KKR eyeing possible bid for Entertainment One, ITV ponders higher offer

(ShareCast News) - Entertainment One had caught the eye of US private equity outfit KKR, which is considering a bid, Bloomberg reported citing people familiar with the matter. For its part, The Mail on Sunday reported that ITV might be willing to pay up to 280p a share or almost £1.2bn for Entertain

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14 Aug 2016 17:49

Sunday newspaper round-up: Brexit in 2019, bank regulation, ITV, William Hill

(ShareCast News) - Britain could remain in the EU until late 2019, almost a year later than predicted, ministers have privately warned senior figures in the City of London. Theresa May has been expected to enact article 50 in January, setting in train the formal two years of negotiations before Brex

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11 Aug 2016 08:35

BROKER RATINGS SUMMARY: Barclays Cuts Travis Perkins To Underweight

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10 Aug 2016 15:59

LONDON MARKET CLOSE: Stocks Extend Rally Despite Brent Nearing USD44

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10 Aug 2016 15:25

UPDATE 3-Peppa Pig-owner Entertainment One rejects ITV's 1 bln-pound offer

* British broadcaster offers 236 pence a share * Entertainment One says approach undervalues company * Deal would bolster ITV's TV production, add film distribution (Adds investor comments) By Paul Sandle LONDON, Aug 10 (Reuters) - Canada's Entertainment One , the owner

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10 Aug 2016 11:05

LONDON MARKET MIDDAY: Stocks Consolidate Gains After Four-Day Rally

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10 Aug 2016 07:33

LONDON MARKET OPEN: G4S And Entertainment One Lead Mid-Cap Gainers

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10 Aug 2016 07:17

Entertainment One rejects takeover approach from ITV

(ShareCast News) - Peppa Pig owner Entertainment One said on Wednesday that it has rejected a takeover from broadcaster ITV that values the company at 236p per share. "The board of eOne has reviewed the proposal and has unanimously rejected it on the basis that it fundamentally undervalues the compa

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10 Aug 2016 06:23

Peppa Pig-owner Entertainment One rejects approach from ITV

LONDON, Aug 10 (Reuters) - Canada's Entertainment One , the owner of children's TV brand Peppa Pig, said its board had rejected a takeover offer priced at 236 pence a share which, according to a source, came from broadcaster ITV. "The board of eOne has reviewed the proposal and has unanimou

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10 Aug 2016 00:44

Entertainment One to say it rejects ITV offer - FT

Aug 9 (Reuters) - Entertainment One Ltd will on Wednesday reveal that it has rejected an offer from ITV Plc , the Financial Times reported late on Tuesday. FT said it was unclear how much of Entertainment One ITV was seeking to buy or the price it offered. (http://on.ft.com/2b6KQYu) I

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12 Jul 2016 08:32

BROKER RATINGS SUMMARY: Vodafone Cut To Neutral, ITV Raised To Neutral

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25 May 2016 08:34

BROKER RATINGS SUMMARY: Shore Says Buy Shire, Hold GlaxoSmithKline

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24 May 2016 11:46

EXTRA: Entertainment One Outlook Good As Annual Profit Rises

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24 May 2016 07:53

Acquisitions add to Entertainment One profit growth

(ShareCast News) - Media company Entertainment One reported a modest 2% rise in revenues for the year on Tuesday, to £803m, driven by strong performances in television and family offset by a weaker film division. The FTSE 250 firm reported a 20% jump in EBITDA to £129m, with organic growth in televi

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