Basil Brush bidding for Noddy

BASIL Brush owner Entertainment Rights today tabled a proposed takeover bid for Noddy's owner Chorion. The two owners of a string of children's characters have been in on-off talks for the past year and today was the first time Mike Heap, chief executive of Entertainment Rights, has been free to make an approach to Chorion's shareholders.

The Takeover Panel said a formal offer must be made by next Wednesday. ER said it will offer 252p a share made up half in its own shares and half in cash, valuing Chorion at £43.5m.

Heap said he wants an agreed deal with the backing of Chorion's board, chaired by Lord Alli. He also wants the chance to go through the books.