Nearly a fifth was lost from the market capitalisation of media firm Entertainment One yesterday after it ditched plans to sell the company, following offers that did not "adequately reflect" its value.
The company, owner of the popular children's TV cartoon Peppa Pig, said it would instead focus on a number of unnamed "acquisition opportunities".
Entertainment One, which produces and distributes TV and film content, said in September it was considering takeover approaches, but its decision to can the process sent its shares tumbling by 35.5p, or 18 per cent, to 163.5p.
It said, as part of its strategic review, the board has "considered various proposals that have been made for all or parts of the group and has concluded that these do not adequately reflect the company's value.
"As such, the board is no longer considering the outright sale of the business."
The company expects full-year results to be in line with forecasts.Reuse content