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Peppa Pig-owner Entertainment One rejects approach from ITV

Julian Parker/UK Press via Getty Images

Canada's Entertainment One , the owner of children's TV brand Peppa Pig, said its board had rejected a takeover offer priced at 236 pence a share which, according to a source, came from broadcaster ITV.

"The board of eOne has reviewed the proposal and has unanimously rejected it on basis that it fundamentally undervalues the company and its prospects," it said on Wednesday.

Shares in Entertainment One closed at 217.5 pence on Tuesday.