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Tuesday April 05, 07:32
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Bidder war became lifebuoy for HIT Entertainment
(by Brigitta Zulfitzler)
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New York-based Classic Media, owner of the rights to the beloved canine character "Lassie," is pursuing a bid for HIT Entertainment Plc, which creates TV programs, videos and DVDS for characters, sources familiar with the process said on Monday. HIT found itself in the center of a three-way, billion-dollar battle. Another bidding parties are represented by Canada’s Lions Gate Entertainment Corp. and London-based private equity firm Apax Partners.
Apax believed its bid was a fair proposal. "We feel we’ve done a lot of detailed and extensive due diligence and we have a plan to take this business to the next stage," said a spokesman. "We feel our bid offers shareholders certainty."
HIT became vulnerable to a takeover last summer when it issued a profit warning after a major retailer, Wal-Mart Stores Inc., cut shelf space for products featuring its characters. The company gave the sack to its chief executive, and by Jan. 31 it reported that its revenue fell 24 % to £70.2 million ($132.5 million).
Its stocks rallied last month when HIT agreed to be bought by Apax for 300 pence a share, or £489 million ($917.1 million). HIT stock was up to 332-1/2 pence on Monday, after HIT said it got two more takeover bids.
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