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| | ABC News: HIT Entertainment: 1 Bidder Drops Out |
 | | LONDON Apr 22, 2005 HIT Entertainment PLC, producer of children's shows "Bob the Builder" and "Barney," said Friday that one company has dropped its takeover bid, leaving just Canadian film company Lions Gate Entertainment as a possible rival to HIT's agreement with equity firm Apax Partners. |
 | | HIT said the third company, which it has not named but is widely believed to be U.S. television company Classic Media, has said it does not intend to make an offer "and has therefore ceased its due diligence exercise." Classic Media's children's programs includes "Lassie," "Richie Rich" and "Caspar the ghost." |
 | | HIT said Lions Gate is continuing its own due diligence review, but no proposal had been received from the Canadian company, which has a film and television library of about 8,000 titles including the rights to "Barbie" and "Inspector Gadget." |
| abcnews.go.com /Business/wireStory?id=693702 (354 words) |
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