Lions Gate Passes on HIT Entertainment
Lions Gate Entertainment Corp. said it decided against making an offer to buy HIT Entertainment, the owner of children’s characters including Bob the Builder.
Lions Gate spent the last month reviewing HIT Entertainment’s financials. A transaction “does not create the level of additional shareholder value that would be a prerequisite for moving forward,” Lions Gate Chief Executive Jon Feltheimer said in a statement.
HIT Entertainment shareholders last week approved Apax Partners Worldwide’s $932-million takeover offer for the company.
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