Shed Media: talks over with private equity funds

Supernanny and Waterloo Road producer Shed Media has ended discussions about a potential management buyout backed by two private equity groups, but said that talks continue following a proposal from another unnamed suitor. Shed, which owns production companies including Wall to Wall, Ricochet and Twenty Twenty, was first connected with the management buyout approaches from a number of suitors in August last year . In December Bowmark Capital, which previously owned a stake in Wife Swap producer RDF Media, and Darwin Private Equity made an official approach about a management-led buyout of Shed. As recently as April Shed Media reported that discussions were "continuing to advance". However, Shed said today that all discussions with the two private equity companies have now ceased. "However the independent directors confirm that the company remains in an offer period having received a proposal from a potential offeror, working with certain members of Shed management, which may or may not lead to an offer being made for the company," the company added. Previous suitors have reportedly included Lloyds Development Capital. Under rule 2.8 of the takeover code Bowmark and Darwin are not allowed to make a renewed bid for Shed Media for six months from today. Shed weathered last year's downturn relatively well, reporting adjusted pre-tax profit steady at £12m with revenue up by 13% year on year to £92.6m. • To contact the MediaGuardian news desk email [email protected] or phone 020 3353 3857. For all other inquiries please call the main Guardian switchboard on 020 3353 2000. • If you are writing a comment for publication, please mark clearly "for publication".