Producer and distributor Endemol will reject takeover approaches and instead pursue a debt for equity swap, according to the Financial Times.
The newspaper cited people familiar with the situation as saying the business is unlikely to be sold and a debt for equity deal will be pursued instead, wiping about €2.3 billion from Endemol’s €2.8 billion debt pile and giving lenders a significant stake in the TV company.
Time Warner last week tabled a €1 billion bid for Endemol and Mediaset, an existing shareholder, and finance house Clessidra were reportedly looking to recapitalise the company in return for a majority stake although no formal approach has been made.
However, while favouring a debt-for-equity deal, the UK reports said Endemol would reconsider its position should Time Warner table a higher offer. The initial, non-binding, bid was viewed as “opportunistic”, the report added.
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