ITV fails to bring home the bacon as its £1billion bid for Peppa Pig is rejected

PEPPA Pig’s owner today rejected a takeover bid by ITV.

The broadcaster may now decide to “fatten up” its £1billion offer.

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ENTERTAINMENT ONE rejected the 236p-a-share move as it “fundamentally undervalues the company and its prospects”.

The London-listed firm’s share price closed up 10.3 per cent tonight at 240p, after a ten per cent rise the day before as rumours of a possible takeover emerged.

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Analysts say ITV, in search of fresh cash streams amid falling ad sales, may now decide to up its offer.

EOne’s cash cow is the hugely popular children’s cartoon Peppa Pig, dreamed up in a pub by three graphic design friends who met at Middlesex Polytechnic.

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The shows are broadcast in 180 countries and the brand has two theme parks, in the New Forest, Hants, and near Milan, Italy.

EOne also has the rights to 40,000 films and TV shows and 45,000 music tracks.

Its AMBLIN PARTNERS venture with Steven Spielberg is behind the hit film The BFG, based on Roald Dahl’s kids’ book.

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ITV was first rumoured to be eyeing up eOne earlier this year.

ETX CAPITAL’s Neil Wilson said: “ITV will be disappointed but can hardly be surprised.

“ITV may well fatten up its bid . . . (eOne) is sensibly holding out for a better deal.”

Broadcasters are under threat from streaming sites AMAZON PRIME and NETFLIX.

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Analysts at LIBERUM said: “The question now is whether ITV comes back with a higher bid.

“It can afford to.”