The owner of children's show, popular first in the UK and now in the US, received an offer that could increase its worth by millions.

Peppa Pig, which is vying with Thomas the Tank Engine as Britain’s best loved children’s character, has a new fan after its owner Entertainment One received an approach which could value the company at £400m.

A Canadian company listed in London with a market capitalisation of £296m, Entertainment One will make an announcement about the approach to the Stock Exchange on Wednesday. Investment banks JP Morgan Cazenove and Credit Suisse have been appointed to advise the board on the offer and the banks are expected to market the company to seek out further approaches.

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