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Britain's ITV withdraws Entertainment One takeover approach

Reuters - UK Focus

LONDON, Aug 25 (Reuters) - British broadcaster ITV said on Thursday it had withdrawn its proposal to acquire Entertainment One (Other OTC: ENTMF - news) after failing to persuade the board of the Canadian company to enter into a formal process.

Entertainment One said earlier this month it had rejected a 1 billion-pound takeover offer from Britain's biggest free-to-air commercial broadcaster, saying it undervalued the production and distribution company.

"ITV (LSE: ITV.L - news) continues to believe in the strategic logic and potential benefits of acquiring eOne but has a clear view of the value of the business, recognising that this value would need to be verified by appropriate due diligence," it said.

"It appears this value is different to the level at which the board of eOne would currently engage in a more formal process."

Shares (Berlin: DI6.BE - news) in ITV rose 2 percent on the news.

(Reporting by Kate Holton, Editing by Paul Sandle)