Interest in Bob owner building
A bidding war for Bob the Builder was brewing today after his owner confirmed two further approaches aimed at scuppering a planned £489m (€711m) takeover.
Hit Entertainment, whose other brands include Thomas the Tank Engine and Pingu, said it had received two “unsolicited early stage approaches” and that other potential buyers had requested information.
Hit confirmed on March 21 that it had agreed to be bought by private equity giant Apax partners – the company which is also bidding for retailer Woolworths.
The proposed deal was backed by Hit’s independent directors and had at the time of the announcement secured the support of investors owning 35% of its shares.
One of the new advances came from Lions Gate Entertainment, the US media giant behind children’s favourites The Incredible Hulk and Inspector Gadget. The company did not reveal who made the third approach.
Los Angeles-based Lions Gate is the largest independent entertainment company in the US, producing and distributing motion pictures, home entertainment, family entertainment, television programming and video-on-demand products.
Its library of about 8,000 titles is one of the largest in the entertainment industry.
