Entertainment Rights withdraws interest in Noddy owner Chorion

by Alex Donohue, Brand Republic 13-Apr-06, 09:00

LONDON - Media firm Entertainment Rights, the owner of 'Postman Pat' and 'Basil Brush', has withdrawn its interest in a bid for 'Noddy' owner Chorion after discussions earlier in the week came to an end.

While no official reason has been given, the announcement comes just prior to the deadline the Takeover Panel set for Entertainment Rights to confirm whether it would proceed with an offer for Chorion, which owns the rights to Agatha Christie and Enid Blyton productions.

It is the second time Chorion has received a late bid withdrawal in the last month, after HIT Entertainment, which owns 'Bob the Builder' and 'Barney & Friends', withdrew its interest in the company on March 28.

Entertainment Rights told Reuters: "Following this work, Entertainment Rights has decided that it will not proceed with an offer to acquire Chorion and discussions with Chorion have ceased."

Chorion, which has been given a valuation of £110m by Planet Acquisitions, received an increased offer from its management and private equity group 3i to 420p a share, and has now delayed its shareholder vote to give time for more potential bids.

Classic Media, which owns the rights to 'Lassie', is also believed to be in the frame as a potential bidder.

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