£78m offer for home shopping channels

Home shopping channels Ideal World and Create and Craft were yesterday poised for a £78 million takeover by a major shareholder in clothing brand Jack Wills.

Ideal Shopping Direct's management is working with private equity firm Inflexion on the proposed buy-out, which has been backed by independent members of the company's board.

The offer price of 220p-a-share is a 46 per cent jump on July's level, when a number of takeover approaches prompted the company to start a strategic review.

The proposed takeover is backed by founders Paul Wright and Val Kaye, who own 36 per cent of the company, and other shareholders who own a further 31 per cent. Under the terms of the deal, the existing management team will be retained, and will hold a 23 per cent stake in the company.