Menu
23/02/2006
Chorion agrees £111 million buyout
Chorion, the firm which owns the rights to 'Noddy' and the 'Mr Men' characters, has agreed to a £111 million management buyout offer from private equity firm 3i.
Planet Acquisitions, the company which was set up by 3i for the bid, has agreed a deal with Chorion to pay 425p per share for the company.
Under the deal, 3i will contribute £79.8 million to the deal, while Chorion will contribute £7.4 million. The remaining balance will be funded by debt.
Chorion said that it had agreed to the deal because of an uncertainty over future trends in the DVD and video market.
Chorion chairman Waheed Alli said: "We are entering a challenging period in our development, where substantial investment will be needed, the risks will be higher and returns take longer to realise.
"This offer will give our shareholders the opportunity to realise an excellent return on their investment, while 3i's long-term commitment will be invaluable in helping the management team develop the business over time."
As well as Noddy and the Mr Men characters, Chorion also owns the rights to other well-known characters and books, including the 'Famous Five' series, and books by Agatha Christie and Raymond Chandler.
(KMcA/GB)
Planet Acquisitions, the company which was set up by 3i for the bid, has agreed a deal with Chorion to pay 425p per share for the company.
Under the deal, 3i will contribute £79.8 million to the deal, while Chorion will contribute £7.4 million. The remaining balance will be funded by debt.
Chorion said that it had agreed to the deal because of an uncertainty over future trends in the DVD and video market.
Chorion chairman Waheed Alli said: "We are entering a challenging period in our development, where substantial investment will be needed, the risks will be higher and returns take longer to realise.
"This offer will give our shareholders the opportunity to realise an excellent return on their investment, while 3i's long-term commitment will be invaluable in helping the management team develop the business over time."
As well as Noddy and the Mr Men characters, Chorion also owns the rights to other well-known characters and books, including the 'Famous Five' series, and books by Agatha Christie and Raymond Chandler.
(KMcA/GB)
Related UK National News Stories
Click here for the latest headlines.
17 May 2012
GM Save Vauxhall Car Plant
General Motors will confirm this morning the survival of the Ellesmere Port car plant, which will become the new production home of it’s new Astra model. The move follows staff at the car company voting by 94% in favour of a new pay and conditions deal, clearing the way for investment in the Ellesmere Port plant.
GM Save Vauxhall Car Plant
General Motors will confirm this morning the survival of the Ellesmere Port car plant, which will become the new production home of it’s new Astra model. The move follows staff at the car company voting by 94% in favour of a new pay and conditions deal, clearing the way for investment in the Ellesmere Port plant.
21 May 2010
BA Strike Looms As Losses Take-Off
It's double-trouble for beleaguered British Airways (BA) today as cabin crew prepare for a 15-day strike next week - while it has announced a record pre-tax loss of £531m.
BA Strike Looms As Losses Take-Off
It's double-trouble for beleaguered British Airways (BA) today as cabin crew prepare for a 15-day strike next week - while it has announced a record pre-tax loss of £531m.
03 December 2007
More Questions Than Answers On Labour Party Donations
The Government is to have no respite from the growing chorus of questions on party funding activities. Opposition parties have continued to maintain pressure on the Labour party funding issue, demanding to be told who knew about donations to the party.
More Questions Than Answers On Labour Party Donations
The Government is to have no respite from the growing chorus of questions on party funding activities. Opposition parties have continued to maintain pressure on the Labour party funding issue, demanding to be told who knew about donations to the party.
15 October 2007
Deal Or No Deal For Postal Union Chiefs?
Leaders of the postal workers' union are meeting today to discuss a deal to end the ongoing Royal Mail dispute. The Communication Workers Union are to consider a deal aimed at averting further strike action. Recent industrial action by postal workers have crippled deliveries across the country and reportedly cost Royal Mail more than £200 million.
Deal Or No Deal For Postal Union Chiefs?
Leaders of the postal workers' union are meeting today to discuss a deal to end the ongoing Royal Mail dispute. The Communication Workers Union are to consider a deal aimed at averting further strike action. Recent industrial action by postal workers have crippled deliveries across the country and reportedly cost Royal Mail more than £200 million.
03 August 2007
£52 Million Deal For NHS Staff Endorsed
Health Secretary Alan Johnson has endorsed the offer of an improved pay package worth £52 million which will see enhanced pay and training opportunities for NHS staff but which keeps this year's pay increases in line with the Government's public sector pay policy.
£52 Million Deal For NHS Staff Endorsed
Health Secretary Alan Johnson has endorsed the offer of an improved pay package worth £52 million which will see enhanced pay and training opportunities for NHS staff but which keeps this year's pay increases in line with the Government's public sector pay policy.
-
Northern Ireland WeatherThis Evening and Tonight:Apart from a little patchy drizzle it will be a dry evening and night with variable amounts of cloud. A few mist and fog patches forming. Minimum temperature 7 °C.
