Television Corp Woos Rival Bidder

By Jon Rees, Financial Mail on Sunday, London

Nov. 27–Television Corporation, the independent production company behind Question Time and Test cricket, is in talks with another possible bidder to rival Tinopolis, which launched a £36.4 million hostile takeover approach a fortnight ago.

Television Corp chief Peter Salmon has been seeking a white knight since Tinopolis chairman Ron Jones launched his attempt, promising to sweep away the board of Television Corp if he succeeds and accusing it of “drift” and poor investment decisions.

“We are in discussions with another party about an offer,” said a source close to Television Corp, though the identity of the company is not known. Tinopolis has already received irrevocable undertakings to accept the offer from 27 per cent of shareholders and letters of intent to back the deal from enough shareholders to take support over 50 per cent.

But it has not yet issued its offer document and the undertakings still allow shareholders to look at other approaches on two conditions: that an offer from any other bidder is not posted to shareholders within 28 days of Tinopolis’s announcement on November 10, or that an offer is received from a third party representing at least a ten per cent premium to the value of the Tinopolis offer.

Television Corp is thought to be planning another tactic to fend off Tinopolis. Salmon, a former BBC director of sport, who joined the company in July, may lead a management buyout.

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