Canwest gets TV3 offers

A number of offers had been received by yesterday evening for the 45 per cent stake in TV3 that is being sold by Canadian communications group Canwest.

The deadline for expressions of initial interest in buying the stake, believed to be worth approximately €100 million, was 5 pm yesterday.

The sale is being handled by London-based finance house Hawkpoint Partners and a managing director there, Simon Gluckstein, said that a number of offers had been received.

"I can't say any more in relation to the number, content or nature of the bidders," he said.

Asked if it was now too late for fresh bidders to become involved, Mr Gluckstein said much will depend on the nature of what has been received.

He said a decision on what to do next would depend on the review that would now take place of the offers that had been received.

A spokeswoman for Setanta, the company that owns the Setanta Sports channel and several sporting rights, said it remained interested and was staying involved in the process. He would not comment further.

UTV is also believed to be interested in acquiring the stake.

ITV, which already owns 45 per cent of TV3, remains in a strong position because it has pre-emption rights on the other 45 per cent stake.

This means that it must be given an opportunity to match any outsider bidders.

Canwest's stake is owned by a company registered in Barbados known as Canwest Irish Holdings (Barbados) Inc.

It is understood the sales prospectus makes it clear that, while a 45 per cent stake is up for sale, the whole company may be sold if the right offer is made.