Entertainment One to focus on acquisitions
Entertainment One will switch its focus to exploring acquisition opportunities after receiving no suitable takeover bids.
Entertainment One is to focus on using merger and acquisition consultants to evaluate future business opportunities after a switch in strategy that has seen it move away from a planned sale of the company.
The film and television content producer, which is responsible for the release of the Twilight films and children's television show Peppa Pig, had previously been looking for buyers for the group, but did not receive any suitable offers.
In a statement, it said the board is "no longer considering the outright sale of the business" and will instead continue to "evaluate a number of acquisition opportunities" with the assistance of Credit Suisse and JP Morgan.
"Further announcements will be made in due course," the firm noted.
It has released 116 movies in the financial year to date and said in a trading update that full-year results are likely to be in line with expectations, news that prompted shares in the company to rise two per cent in morning trading today (February 14th).
Posted by David Gleck
Source: Entertainment One press release, February 14th