Postman Pat fails to deliver formal offer after Noddy says 'no' to bid
Wednesday 04 February 2004
Chorion, owner of the rights to Noddy, The Famous Five and Miss Marple, yesterday rejected another approach from Entertainment Rights, owner of the Basil Brush and Postman Pat brands.
Chorion, which recently appointed NM Rothschild as its financial adviser, said simply that it had decided that the proposal was not in the best interests of Chorion shareholders and that it could, therefore, not recommend it.
The statement angered Entertainment Rights, which has made several approaches to the company since stating it was interested in it in November 2002.
It said yesterday it had not decided to proceed with an offer for Chorion and pointed out that it had not been able to table a formal offer because of a confidentiality agreement it signed, which did not expire until 27 January. Mike Heap, the chief executive of Entertainment Rights, said: "At the first possible opportunity following the lapse of the standstill provisions in the confidentiality arrangement, ER announced a proposal."
He said, however, that Chorion had refused to allow Entertainment Rights to carry out any due diligence, which had prevented the company from being able to make a formal offer.
Mr Heap said that while Chorion's decision was "disappointing", the company would continue to "pursue other opportunities" while building on organic growth.
Chorion had hinted last week that it would reject what it termed Entertainment Right's "proposal of offer", of 252p a share in shares and cash. Chorion had said that the offer was at a similar level to an approach made in December, one it had turned down on the grounds that it "significantly" undervalued the business.
It said then that Entertainment Rights had made "a long series of unsolicited and unwelcome approaches" over the past three years but that none had ever resulted in an offer being made.
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
The Hubble Space Telescope's amazing journey 25 years on
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
Earthworms rain down from skies over Norway, puzzling scientists
18th century sex toy found in 'toilet of sword fighting school' in Poland
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
If I’m being racially abused I don’t need a white stranger with a saviour complex to rescue me
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Russian warships in English Channel 'to conduct anti-aircraft and anti-submarine military drills'
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...