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KKR to bid for ‘Peppa Pig’ owner Entertainment One after ITV’s £1bn offer rejected | |
(about 9 hours later) | |
Private equity firm KKR is considering a bid for television distributor Entertainment One after the owner of the children’s cartoon series Peppa Pig rejected an offer from ITV, according to Bloomberg’s sources. | |
KKR is reportedly studying a potential proposal, though no final decision has been made and it could still decide against pursuing it. | |
An acquisition would help KKR expand into media and entertainment, an industry where the New York-based buyout firm has been looking to grow, said one Bloomberg source. | |
Representatives for KKR and Toronto-based Entertainment One declined to comment. | Representatives for KKR and Toronto-based Entertainment One declined to comment. |
Entertainment One rejected ITV’s 236 pence-per-share takeover proposal last week, which valued the business at around £1bn. The Canadian company said the bid was too low but suggested it would be open to a higher offer. | |
ITV is prepared to raise its bid to as much as £1.2bn, according to The Mail on Sunday. After slumping earlier this year, Entertainment One shares, which are traded in London, have surged since Bloomberg News reported in April that ITV was pursuing a takeover. The shares closed at 238.80p on Friday in anticipation of a potentially higher bid from ITV. | |
Entertainment One distributes TV and films in Canada, the US, Australia, the UK and several European countries. It has worked with titles including this year’s Oscar winner Spotlight as well as Fear the Walking Dead and The Hateful Eight. | |