British television broadcaster ITV has axed its £1.0-billion ($1.3-billion, 1.2-billion-euro) bid for the London-listed company behind popular children's cartoon series Peppa Pig, it said Thursday. ITV said in a statement that it has decided to withdraw its informal approach for Canada-based Entertainment One, which had unanimously rejected the offer as too low earlier this month.
"ITV continues to believe in the strategic logic and potential benefits of acquiring Entertainment One, 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 Entertainment One would currently engage in a more formal process."
The group is listed on the London Stock Exchange, owns rights to television shows including Peppa Pig and holds more than 40,000 film and television titles.