Apax Partners could be on the verge of making a bid for ITV following the six months since they decided against it, according to a report in the Independent.
However, the reported 130p offered by Apax per share in April is unlikely top be repeated. The
Independent quotes a trader as saying: “Major investors could be tempted by less than the previous offer just to get out, and another successful defence looks much tougher than it was in April.”
Towards the end of last month ITV1’s ad revenue was predicted to continue to decline into the fourth quarter of the year, following an 18% decline in Q3 (see ITV Ad Revenue Decline Expected To Continue In Q4).
Meanwhile, with Charles Allen departing the ITV top job and finance director John Cresswell acting as interim chief executive whilst a successor is found, ITV continues to search for a replacement, with some of the names linked with the role including Rupert Howell, regional director and president of McCann-Erickson and Roger Parry, head of regional newspaper publisher Johnston Press (see McCann-Erickson President Linked With ITV Top Job).
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