ITV Confirms But Rejects Takeover Approach

ITV has confirmed today’s rumoured approach by a consortium of investors, but rejected the move, claiming that it would not be in the interests of shareholders.

The approach, made by Apax Partners, The Blackstone Group and Goldman Sachs’ Principal Investment Area was first revealed by the Telegraph. The newspaper speculated that former BBC director general Greg Dyke was being lined up for a top job with the broadcaster following his role as an advisor to Apax (see Rumours Fly Over Fresh ITV Takeover Approach).

However, such a move now seems unlikely, with ITV stating: “in the context of the company’s own strategic plans… shareholders who did not wish to retain their shares in this highly leveraged structure would not have been assured of receiving a cash price for their shares at an appropriate premium.”

The ITV board therefore “unanimously concluded that the proposal could not be in the best interests of all shareholders,” before formally rejecting it and making a statement to the City this morning.

ITV: 020 7843 8000 www.itv.com