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Apax reported mulling bid for ITV

LONDON
Sun Nov 4, 2007 8:59am EST

Stocks

   
In this file photo ITV's executive chairman Michael Grade poses for photographers after a meeting in London March 7, 2007. Private equity firm Apax is looking at making an offer for ITV after the broadcaster's share price dropped below 100 pence in recent days, the Financial Mail reported on Sunday. REUTERS/Dylan Martinez

LONDON (Reuters) - Private equity firm Apax APAX.UL is looking at making an offer for ITV (ITV.L) after the broadcaster's share price dropped below 100 pence in recent days, the Financial Mail reported on Sunday.

Apax, which made an approach to ITV in 2005 but was rejected by the company's board, is considering an offer together with other private equity firms, the newspaper reported citing sources.

A takeover approach might be simplified by the position of BSkyB (BSY.L), which holds a 17.9 percent stake in ITV, The Financial Mail said.

Apax and ITV were not immediately reachable.

Britain's dominant pay-TV firm BSkyB spent 135 pence per share or 940 million pounds ($1.96 billion) on its stake in ITV last November in a move that effectively blocked cable group NTL -- since relaunched as Virgin Media (VMED.O) -- from buying ITV.

ITV's shares fell to a nearly 15-month low on Friday before closing at 96.2 pence, valuing the company at 3.74 billion pounds, according to Reuters data.


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