ITV to explain private equity bid snub

ITV logo

ITV's board will this week explain to investors why it rejected a revised private equity bid led by former BBC director-general Greg Dyke.

ITV turned down the proposal from Apax Partners, Blackstone and Goldman Sachs Capital Partners on Friday. The bidders sought to take a 48% stake in Britain's biggest, and oldest, commercial broadcaster for an initial 86p a share in cash, with a further 44p-per-share payment likely to come later.

Last month ITV rejected an earlier approach saying the proposal was not in the interests of all shareholders.

Weekend newspapers said Roger Parry, the former CEO of Clear Channel International, was lining up a new bid for ITV. Parry confirmed to the Financial Times he had been working on a proposal with Merrill Lynch for almost a year, but the ITV bid was "not on my imminent 'to do' list".

Parry added: "Now Greg's bid has happened, it clears the air and perhaps it will allow other people to do things, but a lot depends on what ITV does next."

Lovelace Consulting  |  03.04.2006

Previous story  |  Next story