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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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25 Aug 2016 14:47

FTSE 250 movers: eOne too pricey for ITV, smaller banks a bargain says Merrill

(ShareCast News) - The FTSE fell along with much of the market on Thursday, with Entertainment One and Just Eat leading the way lower. Entertainment One, known as eOne and distributor of the 'David Brent: Life on the Road' film currently in cinemas, was sent skidding as ITV swerved a potential takeo

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25 Aug 2016 11:00

LONDON MARKET MIDDAY: Stocks Down As Clinton Remarks Hit Pharma Sector

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25 Aug 2016 11:00

EntertainmentOne plunges as ITV switches channels

(ShareCast News) - ITV has withdrawn its proposed acquisition of Entertainment One, refusing to up its offer for the film and TV distributor after its "ITV continues to believe in the strategic logic and potential benefits of acquiring eOne but has a clear view of the value of the business, reco

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25 Aug 2016 11:00

EntertainmentOne plunges as ITV switches off

(ShareCast News) - ITV has withdrawn its proposed acquisition of Entertainment One, refusing to up its offer for the Peppa Pig owner after its initial bid was rejected, potentially leaving the door open for rumoured private equity bidder KKR. "ITV continues to believe in the strategic logic and p

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25 Aug 2016 10:23

UPDATE 1-Britain's ITV withdraws offer for Peppa Pig-owner eOne

(Adds background, shares) LONDON, Aug 25 (Reuters) - British broadcaster ITV said on Thursday it would not bid for Entertainment One after failing to persuade the owner of the children's TV character Peppa Pig to enter into a formal process. Canada's Entertainment One said earlier t

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25 Aug 2016 09:59

BUZZ-Entertainment One: ITV withdraws proposal to buy co

** Peppa Pig-owner Entertainment One's shares down 14.3 pct in volume, largest FTSE midcap losers, after ITV drops bid to buy co ** Worst day for Entertainment One stock in nearly 9 months ** ITV says it withdraws proposal as its view of Entertainment One's value is different to that

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25 Aug 2016 09:57

Britain's ITV withdraws Entertainment One takeover approach

LONDON, Aug 25 (Reuters) - British broadcaster ITV said on Thursday it had withdrawn its proposal to acquire Entertainment One after failing to persuade the board of the Canadian company to enter into a formal process. Entertainment One said earlier this month it had rejected a 1 billion-p

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25 Aug 2016 09:54

TOP NEWS: ITV Withdraws Bid For Entertainment One

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22 Aug 2016 07:02

Monday newspaper round-up: Brexit chaos, Nigeria oil, house prices, ITV-ETO

(ShareCast News) - Leaving the EU may not not happen anytime soon given that civil servants charged with the task don't yet have an office and hold meetings in Starbucks. Some estimates suggest "full Brexit" may take 10 years and involve up to 10,000 people, not only in the new and other so-called "

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18 Aug 2016 07:53

Entertainment One buys virtual reality games and film maker

(ShareCast News) - Entertainment One, still abuzz with rumours about a potential takeover by ITV or others, completed its own acquisition on Thursday, buying the remaining half of Canadian interactive content studio Secret Location, a specialist in the burgeoning virtual reality space. The FTSE 250

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15 Aug 2016 15:59

Britain's FTSE at fresh 14-month high, Sage Group recovers

* FTSE 100 up 0.4 pct * Oil stocks track oil price higher * Sage Group ends up after early slide * Entertainment One gains after deal chatter (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageI

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15 Aug 2016 09:22

Britain's FTSE at fresh 14-month high, though Sage Group slips

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets) * FTSE 100 up 0.2 pct * Sage Group sinks after data breach * Oil stocks track oil price higher * Entertainment One gains af

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15 Aug 2016 08:29

Entertainment One surges on improved ITV bid hopes

(ShareCast News) - Shares in Entertainment One were surging on Monday morning on reports that ITV might improve its bid for the Canadian TV and film distributor. ITV was understood to be working on lifting its previous bid for eOne, which is the majority owner of the maker of the enormously popular

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15 Aug 2016 04:11

PRESS: KKR Eyeing Entertainment One Bid After ITV Rebuffed - Bloomberg

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15 Aug 2016 01:06

KKR weighs bid for 'Peppa Pig' owner Entertainment One -Bloomberg

Aug 14 (Reuters) - Private-equity firm KKR & Co may bid for television distributor Entertainment One Ltd after the owner of the preschool cartoon character "Peppa Pig" rejected an offer from UK broadcaster ITV Plc, Bloomberg reported on Sunday. KKR has not decided whether to make a bid, Bl

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