Peppa Pig in a trough

Nearly a fifth was lost from the market capitalisation of Entertainment One, the media firm, today after it ditched plans to sell the company, following offers that did not "adequately reflect" its value.

The company, the owner of the popular children's TV cartoon, Peppa Pig, said it would instead focus on a number of unnamed "acquisition opportunities". Entertainment One, which produces and distributes TV and film content, said in September it was considering takeover approaches but its decision to can the process sent its shares tumbling by 34.2p, or 17.2%, to 164.8p. It said, as part of its strategic review, the board has "considered various proposals that have been
made for all or parts of the group and has concluded that these do not adequately reflect the company's value. "As such, the board is no longer considering the outright sale of the business."

Entertainment One, which also distributes the Twilight Saga movie series, said it had improved its underlying profit margins since October 1 and it expects its full-year results to be in line with forecasts.