LONDON - HIT Entertainment, the British firm behind television characters Thomas the Tank Engine and Bob the Builder, known to children around the world, has agreed to a takeover in a cash deal worth 489.4 million pounds (706 million euros, 933 million dollars), it said on Monday.
The bid by private equity company Apax Partners represents a premium of about 20 percent on the 250-pence closing price of HIT shares on March 17, the day before HIT first announced the possibility of a takeover offer.
Apax vehicle Sunshine Acquisition said it received undertakings to accept the offer from shareholders representing 35.5 percent of HIT.
"The board of Sunshine Acquisition and the independent directors of HIT announce that they have reached agreement on the terms of the recommended acquisition... for 300 pence in cash per HIT share," the companies said in a joint statement released to the London Stock Exchange.
Commenting on the proposals, Paul Fitzsimons of Apax Partners said HIT was "uniquely positioned in the global market for pre-school childrens entertainment, and has historically developed breakthrough characters and built a strong distribution platform".
He added that Apax was "excited by the potential to take HIT to the next stage of its development".
HIT describes itself as one of the worlds leading rights-owning childrens entertainment providers -- with operations in Britain, the United States, Canada and Japan -- whose activities span television production, international television sales, home entertainment, consumer products and live events.
03/21/2005 09:38 GMT