[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Tuesday, 3 February, 2004, 08:59 GMT
Noddy owner rejects bid approach
Noddy
Basil Brush's owner has made several approaches for Noddy
Chorion, owner of children's character Noddy, has rejected the latest takeover proposal by rival Entertainment Rights (ER), home to TV puppet Basil Brush.

The UK company said ER's 43.5m ($79.3m) offer was "not in the best interests" of its shareholders.

ER proposed offering a 50-50 mix of cash and shares, worth 252p per Chorion share, last Wednesday.

Chorion rejected a previous unsolicited approach from ER, which it said undervalued the business, in December.

'Commercial sense'

It was the latest of several approaches by ER over the past three years, none of which previously had resulted in an offer, Chorion said.

ER, which also owns Postman Pat, said last week that there was "a strong commercial case for the aggregation of ER and Chorion's content".

The company pointed to "significant cost and revenue benefits to be generated from a merger of operations".

Britain's takeover watchdog said in December that ER had until 4 February to announce whether it would make an offer for Chorion.


SEE ALSO:
Noddy goes back to school
03 Nov 03  |  Business
Basil's brush with jokes boom
29 Oct 03  |  Manchester
Basil Brush aims for pop charts
18 Mar 03  |  Entertainment
Noddy to make TV return
14 May 02  |  Entertainment


RELATED BBCi LINKS:

RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia
UK | Business | Entertainment | Science/Nature | Technology | Health
Have Your Say | In Pictures | Week at a Glance | Country Profiles | In Depth | Programmes
Americas Africa Europe Middle East South Asia Asia Pacific