Bob the Builder abandons interest in rival group

The company behind Bob the Builder has pulled out of making a takeover offer for children’s UK entertainment group Chorion.

Hit Entertainment said it had undertaken due diligence on Chorion but decided against continuing discussions with the company’s board.

Chorion, which also owns the rights to Noddy, is still the subject of interest from Entertainment Rights, while Classic Media – the US-based company behind Casper the Friendly Ghost and Lassie – is also thought to be keen.

Potential suitors have been given a “a limited period of time” to come up with a proposal to rival an existing takeover deal agreed recently with Waheed Alli, who is chairman of Chorion and creator of the Big Breakfast.

Chorion recently put a vote by shareholders on the £110.7m (€160.3m) buyout on hold after confirming it was being courted by two more potential suitors.

Hit is the fourth-biggest children’s video distributor in the UK and the United States and fourth-largest children’s character licensing firm, owning characters such as Bob the Builder, Thomas the Tank Engine and Barney the Dinosaur.