ITV has been rebuffed in a £1bn takeover offer for Entertainment One (eOne), owner of hit children’s TV show Peppa Pig, as it looks to extend an acquisition spree aimed at reducing its reliance on volatile advertising income.
Canadian film and TV producer and distributor eOne said it had received and rejected a preliminary proposal to buy the company for 236p a share, or £1.01bn in total. Speculation about a bid from ITV has pushed eOne’s shares up by more than a third since April, when eOne denied it had received an approach from the broadcaster.
ITV said its offer was significantly above the “undisturbed” share price of eOne, before rumours of a bid began to push the value of its stock upwards.