HIT Renews Bid for Gullane
by Amanda-Jane Doran -- Publishers Weekly, 7/1/2002
HIT Entertainment, owner of Bob the Builder, has secured support from more than 50% of the Gullane board for a new offer of £139 million for the ailing company. This is HIT's third attempt to lure Gullane into its expanding and successful children's media group.
It is believed that Britt Allcroft and her former husband, Angus Wright, founders of Gullane, have accepted an offer for their 11% stake. Allcroft and Wright are seeking new ownership of Gullane as a result of poor performance and noncore expansion by the current Gullane management. A write-down of £6.5 million was recently announced by Gullane, following a poor performance by Guinness World Records in the U.S. this year.
Gullane issued a statement to the London Stock Exchange advising shareholders to take no action, as the company is pursuing talks with other potential bidders.
