Investor Consortium To Offer “Cash Sweetener” For ITV

Private equity houses Blackstone Group, Apax Partners and Goldman Sachs are preparing another bid for ITV, with the offer including a cash alternative.

According to reports in the Times, the consortium of investors may abandon the bid if the proposed “cash sweetener” fails to win over the broadcasters board.

If successful, the trio plans to install former BBC director, Greg Dyke, as chief executive of ITV, replacing Charles Allen (see Rumours Fly Over Fresh ITV Takeover Approach).

ITV rejected a bid from the equity houses last week, claiming that it would not be in the interests of shareholders (see ITV Confirms But Rejects Takeover Approach).

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.

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