Setanta expects bids over £1bn

Setanta Sports is expecting takeover offers after a European media giant made a bid of more than £1bn, it has emerged.

The company has appointed investment bank Goldman Sachs, also a Setanta investor, to handle inquiries after the previous offer which came in December, according to a report.

The bidder has not been named but those expected to follow it include Disney-owned ESPN, BT, ITV and Virgin Media.

Insiders were cited as saying the European company expressed a "serious interest" in the takeover though shareholders are not necessarily committed to selling.

The company is not expecting to turn a profit until the end of this year but it part owns live Premiership coverage rights with Sky after agreeing to pay £392m in 2006.

Digital Spy forum members speculating on the possible first bidder suggested RTL, SBS and CANAL+.

RealityCheckKH said: "News Corp has just recently entered a bidding war with CANAL+ for German Broadcaster PREMIERE, so it looks likely CANAL+ might try to enter the British market."