Noddy's managers up buy-out offer

Noddy is a popular kids' TV character the world over

Chorion, the UK media firm that owns the rights to children's character Noddy, has received an increased buy-out offer from its management.

Planet Acquisitions, an investment vehicle set up by its managers and private equity firm 3i, now values Chorion at £110m.

This represents a 1.2% increase on its previous offer made on 23 February.

Hit Entertainment, owner of Bob the Builder, last month withdrew from the race to buy Chorion, but others remain.

Postman Pat

Entertainment Rights, which owns the characters Postman Pat and Basil Brush, has said it is considering a bid for Chorion.

And New York-based Classic Media, which owns the rights to Lassie, is reported to be another potential bidder.

The proposed buy-out at Chorion, which also owns the Mr Men characters, is being led by its chairman Lord Waheed Alli.

Lord Alli was creator of the Big Breakfast television show.