TVS rebels hold out for more

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REBEL preference shareholders in TVS Entertainment are confident they will force a higher offer for the company from US-based International Family Entertainment after fewer than 13 per cent of them accepted the current bid by the first closing date yesterday.

IFE, headed by the television evangelist Pat Robertson, announced that 69.1 per cent of ordinary shareholders and 12.7 per cent of preference shareholders had accepted its bid. Julian Treger of Restructuring Advisers, which is advising some preference shareholders holding out for a higher offer, hailed the result as a victory.

Advisers to IFE said the paper offer for prefs had already gone up from 45p at the start of the bid to 56p, because of exchange rate movements and the higher IFE share price. The offer was extended until 4 January. IFE has until 29 December to improve terms.