Consortium to ditch ITV if new bid fails

THE private equity consortium stalking ITV could abandon its bid this week if a proposed cash sweetener fails to win over investors in Britain’s biggest commercial broadcaster, it was reported yesterday.

Apax Partners, the Blackstone Group and the Investment arm of Goldman Sachs, were understood to be working on a new offer, which for the first time will include a cash alternative.

However, unless they can secure a recommendation from the broadcaster’s board, headed by chief executive Charles Allen, they will walk away, according to reports.