Noddy owner Chorion said today it had rejected a takeover approach from rival group Entertainment Rights, home to Basil Brush and Postman Pat.
Chorion said it had received "an unsolicited and unwelcome" approach which it added was the latest in a series of hostile efforts by Entertainment Rights to take control of the company.
Media reports at the weekend put a price tag of £33 million on Chorion and said institutional investors were keen for the deal to go ahead.
But Chorion told the London stock market today that it had rejected the approach because it "significantly undervalues" its assets.
Updated: 11:02 Monday, December 08, 2003
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