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Shares in Peppa Pig owner rise past Hasbro offer


Added 08-23-19 04:03:01am EST - “Peppa Pig-owner Entertainment One's shares rose more than 30% to a record h...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Shares in Peppa Pig owner rise past Hasbro offer”. Below is an excerpt from the article.

(Reuters) - Peppa Pig-owner Entertainment One’s (ETO.L) shares rose more than 30% to a record high on Friday, surpassing the price agreed by the company’s board with U.S. toy maker Hasbro Inc (HAS.O) in a sign that investors see some chance of a counter offer.

The boards of the two companies said on Thursday that they had agreed a price of roughly $4 billion (3.27 billion pounds) in cash for the deal, which gives Hasbro access to Entertainment One’s lucrative shows aimed at infants and preschoolers.

Under the deal, Entertainment One’s shareholders will receive 560 pence per share, representing a premium of 26.4% to Thursday’s close. Entertainment One’s shares rose to as much as 579 pence on Friday.

“Given the nature of the current content cycle where there are a number of emerging large new entrants and platforms alongside several large incumbents, we would not rule out a competing bid for eOne,” RBC analysts, who raised their price target for Entertainment One, said.

The buyout offer comes months after eOne denied reports that award-winning producer Mark Gordon would leave the company and said he will continue to develop and produce content for the company following a multi-year production deal.

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