ITV has received a second bid from the investment consortium which approached the company last week, offering a cash alternative of 40p per share on top of the 86p in cash originally offered.
The initial proposal was rejected by ITV last week, dashing the hopes of Apax Partners, Blackstone and Goldman Sachs, which had sought to install former BBC director general Greg Dyke in the top job at the broadcaster (see
ITV Rejects Take-Over Bid).
Under the new proposal share holders will command a 52% share of the company, with the deal generating a special 86p per share dividend for existing investors.
Those wishing to offload their stake in the company will receive an additional 40p per share payment, giving a total price of 126p per share – slightly above the company’s closing price of 125p last night.
Details of the revised offer remain scarce this morning, with the ITV board yet to make a public statement. However, the fresh approach does appear to address ITV’s original concern that “shareholders who did not wish to retain their shares would not have been assured of receiving a cash price at an appropriate premium.”
News of the revised bid first broke earlier this week, with the Times reporting that a “cash sweetener” would be offered in an effort to win over the ITV board.
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