ITV drops chase for Peppa Pig firm
ITV has abandoned its £1bn pursuit of Peppa Pig owner Entertainment One.
The broadcaster yesterday said that it had withdrawn its proposal to take over the Canada-based company after Entertainment One rejected an initial offer earlier this month.
It added: "ITV continues to believe in the strategic logic and potential benefits of acquiring Entertainment One, but has a clear view of the value of the business, recognising that this value would need to be verified by appropriate due diligence.
"It appears this value is different to the level at which the board of Entertainment One would currently engage in a more formal process."
Entertainment One previously "unanimously rejected" a 236p-a-share proposal because it believed it "fundamentally undervalues" the group, which owns rights to over 40,000 titles, including Peppa Pig.