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Entertainment One rejects takeover approach from ITV

Wed, 10th Aug 2016 07:17

(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 company and its prospects," the Toronto-based film and TV distributor said.Press reports earlier this year had suggested that a deal with ITV might be on the cards, but Entertainment One denied it had been approached by the broadcaster.ITV said in a statement that the offer it had made represents "a significant premium" over Entertainment One's share price prior to the impact of recent bid speculation.The broadcaster said the proposal represents a premium of 19.3% over eOne's share price on 8 August, which was the last business day before the offer. It represents a premium of 41% over the weighted average share price of 167.28p in the one-month period to 11 July, which was the last day prior to speculation about ITV's interest."ITV has a clear strategy that, over recent years, has created significant value for shareholders. A key part of that strategy is continuing to build a scaled international content and global distribution business, with a focus on US scripted content."ITV believes that the proposed combination with eOne has strong strategic rationale and would further accelerate ITV's rebalancing of the business."Atif Latif, director of trading at Guardian Stockbrokers, said the offer materially undervalues Entertainment One's growth prospects."ITV or another suitor could pay up closer to £3.50 and we would not be surprised for a higher offer to materialise in the coming days. There is scope for synergies and a possibility to greater enhance production capabilities, leading to more upside for growth in earnings per share, hence why a higher all-cash deal is plausible."IG analyst Joshua Mahony said: "With the offer valuing the firm at just 236p versus the 217p price at yesterday's market close, it is clear that this will most likely represent an opening gambit rather than the final push."At 1039 BST, shares were up 6% to 230.50p.

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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

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

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

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

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

17 Dec 2015 17:16

LONDON MARKET CLOSE: Wall Street Losses Weaken UK Gains

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

17 Dec 2015 12:19

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

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

17 Dec 2015 10:48

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

17 Dec 2015 08:32

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

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

17 Dec 2015 07:41

Entertainment One Teams With Steven Speilberg For Amblin Partners

16 Dec 2015 09:50

BROKER RATINGS SUMMARY: Exane BNP Raises Pearson To Outperform

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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