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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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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 12:15

Canaccord downgrades Entertainment One after it rejects ITV bid

(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

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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 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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