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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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27 Sep 2018 07:55

New Peppa Pig episodes and shift to film production drive eOne in first half

(Sharecast News) - Entertainment One updated the market on its performance as it completed the six-month period ending 30 September on Thursday, reporting that trading for first six months had been "consistent" with the trends it outlined at the start of the financial year.

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6 Sep 2018 08:46

Netflix picks up eOne's Designated Survivor

(Sharecast News) - Entertainment One was given a boost as online video giant Netflix rescued its 'Designated Survivor' series after it had been dropped by US network ABC.

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25 May 2018 10:52

WINNERS & LOSERS SUMMARY: Pennon Flows Smoothly On Strong Performance

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.----------FTSE 100 - WINNERS----------United up for

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14 May 2018 18:00

CORRECT: Bookmakers Higher As US Supreme Court Lifts Ban

(Correcting that the FTSE 100 eased from multi-year highs.)LONDON (Alliance News) - Stocks in London ended mixed on Monday with the FTSE 100 easing from the three-month high seen last week, as from a

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14 May 2018 17:33

LONDON MARKET CLOSE: Bookmakers Higher As US Supreme Court Lifts Ban

LONDON (Alliance News) - Stocks in London ended mixed on Monday with the FTSE 100 easing from its multi-year highs seen last week, as bookmakers benefited from a sports betting ruling in the US. The

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14 May 2018 12:03

LONDON MARKET MIDDAY: Strong Pound Sends FTSE 100 Lower

LONDON (Alliance News) - Stock prices in London were at lower midday on Monday with a firm pound exerting a drag on the internationally exposed FTSE 100, following the large cap index's strong or

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14 May 2018 10:40

WINNERS & LOSERS SUMMARY: IWG Rises On Potential Bidding War

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Monday.----------FTSE 100 - up 0.8%. The British Gas parent said the first a

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27 Mar 2018 10:43

WINNERS & LOSERS SUMMARY: FreeAgent Shares Jump On RBS Takeover Deal

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Tuesday.----------FTSE 100 - up 6.0%. The drugmaker said it will acquire in

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22 Nov 2016 13:35

FTSE 250 movers: Up day for midcaps led by Rotork, BGEO and Mitie

(ShareCast News) - The FTSE 250 index joined the rest of the markets in an up-day on Tuesday, rising 0.93% to just shy of 17,700 by late afternoon led by rises in Rotork, BGEO and Mitie. Leading the rise was actuator maker Rotork as it let markets know that it expected full year sales will be toward

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22 Nov 2016 12:12

LONDON MARKET MIDDAY: Miners Lead Gains Following Record Highs In US

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22 Nov 2016 08:52

Entertainment One on track to meet targets, finance chief steps down

(ShareCast News) - Entertainment One reported growth across all divisions in the first half, with a cut in profits attributable to increased investment, although its finance director had decided to step down with immediate effect. Revenues were 19% higher at £401m for the six months ended 30 septemb

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10 Nov 2016 13:39

UPDATE 3-ITV says advertisers cautious as Christmas approaches

* Broadcaster sees Q4 advertising down 7 pct * Says companies worried about Brexit * Sees full-year earnings broadly flat (Adds comments on digital brands) By Paul Sandle LONDON, Nov 10 (Reuters) - British broadcaster ITV expects advertising revenue on its television ch

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30 Sep 2016 11:11

LONDON MARKET MIDDAY: Deutsche Bank Woes Send Banking Shares Reeling

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30 Sep 2016 07:27

Entertainment One reports in-line trading at six-month stage

(ShareCast News) - Entertainment One reported that trading had met management´s expectations at the interim stage and that full-year financial performance would meet its own forecasts. Significantly, the independent library valuation rose from $1.0bn to $1.5bn. The second half of the financial year

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25 Aug 2016 16:03

LONDON MARKET CLOSE: Stocks Slip As Focus Moves To Fed's Yellen

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