ST
I can't see ITV loosing this battle. They have deeper pockets than UTV, and I can't see them selling an asset that they have described as "core" and that would have to happen if UTV got Canwest's share of the business.
I suppose if that did happen then BSkyB might jump in and buy ITV's 45%
I suppose if that did happen then BSkyB might jump in and buy ITV's 45%
MA
ITV hold all the cards. They have to be offered the chance to beat what UTV bid, and if they decide not to invest in TV3 then when the contract to supply programmes comes up for renewal then they can be as difficult as they like.
StuartPlymouth posted:
I can't see ITV loosing this battle. They have deeper pockets than UTV, and I can't see them selling an asset that they have described as "core" and that would have to happen if UTV got Canwest's share of the business.
I suppose if that did happen then BSkyB might jump in and buy ITV's 45%
I suppose if that did happen then BSkyB might jump in and buy ITV's 45%
ITV hold all the cards. They have to be offered the chance to beat what UTV bid, and if they decide not to invest in TV3 then when the contract to supply programmes comes up for renewal then they can be as difficult as they like.
AJ
The latest, from Media Guardian:
Quote:
Lisa O'Carroll
Friday May 19, 2006
ITV looks set to bail out of Ireland completely after private equity firm Doughty Hanson offered what it hopes is a knockout deal for its stake in TV3.
The company announced tonight that it agreed to acquire 100 per cent of the channel - buying out CanWest, ITV and the 10 per cent owned by its Irish founders in a deal that values the company at €265m (£180m).
ITV, which has 45 per cent of the channel and stands to make £132m from the deal has 90 days to accept the offer. Alternatively it can turn the tables and take complete control by buying out its partner CanWest which sparked the sale process by putting its 45 per cent stake up for auction this January.
However, it is understood that Doughty Hanson has already got informal assurances that ITV is likely to sell at this evaluation and a bullish statement issued just before 7pm tonight is designed to pile pressure on the group's chief executive Charles Allen.
Tonight a spokeswoman for ITV said: "We cannot comment until we have seen the formal offer. Under the shareholder agreement we have pre-emption rights on CanWest's stake and have 90 days to either match or sell. There is no deal done yet."
Doughty Hanson's statement is extremely bullish. Although it says the deal is subject to ITV waiving its pre-emption rights, the impression is of a deal done.
"We believe our offer to acquire TV3 provides good value for all its current shareholders," said principal Steve Bone said tonight.
The company added it would work together with management to grow the business and to maintain and increase its position as the second most-viewed channel in the Republic of Ireland.
Doughty Hanson were one of three short listed bidders for TV3 - UTV and private equity firm Veronis Suhler Stevenson were also in the last stage of the race.
Friday May 19, 2006
ITV looks set to bail out of Ireland completely after private equity firm Doughty Hanson offered what it hopes is a knockout deal for its stake in TV3.
The company announced tonight that it agreed to acquire 100 per cent of the channel - buying out CanWest, ITV and the 10 per cent owned by its Irish founders in a deal that values the company at €265m (£180m).
ITV, which has 45 per cent of the channel and stands to make £132m from the deal has 90 days to accept the offer. Alternatively it can turn the tables and take complete control by buying out its partner CanWest which sparked the sale process by putting its 45 per cent stake up for auction this January.
However, it is understood that Doughty Hanson has already got informal assurances that ITV is likely to sell at this evaluation and a bullish statement issued just before 7pm tonight is designed to pile pressure on the group's chief executive Charles Allen.
Tonight a spokeswoman for ITV said: "We cannot comment until we have seen the formal offer. Under the shareholder agreement we have pre-emption rights on CanWest's stake and have 90 days to either match or sell. There is no deal done yet."
Doughty Hanson's statement is extremely bullish. Although it says the deal is subject to ITV waiving its pre-emption rights, the impression is of a deal done.
"We believe our offer to acquire TV3 provides good value for all its current shareholders," said principal Steve Bone said tonight.
The company added it would work together with management to grow the business and to maintain and increase its position as the second most-viewed channel in the Republic of Ireland.
Doughty Hanson were one of three short listed bidders for TV3 - UTV and private equity firm Veronis Suhler Stevenson were also in the last stage of the race.