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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)
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