Confirming rumours from earlier this spring that ITV was interested in acquiring Entertainment One, news emerged today that eOne has rejected a takeover bid by the U.K. producer-broadcaster.

In a statement released Wednesday, ITV confirmed it had made a proposal to the board of eOne to acquire the company for £1.03 billion (CAD $1.76 billion).

In a note to shareholders explaining the rejection of the bid, eOne said the proposal “fundamentally undervalues the company and its prospects.”

The Canadian media company’s shares jumped overnight and as of press time, were trading at more than 237 pence per share (CAD $4.05).

In its response to the rejection, ITV stated that the proposal “represents a significant premium over the undisturbed eOne share price, prior to the impact of recent bid speculation.” The company used the opportunity to emphasize its growth strategy, which it says is focusing on international distribution opportunities and U.S. scripted content, both of which eOne is particularly strong in, especially following its 2015 acquisition of a majority stake in the L.A.-based Mark Gordon Company. 

Correction: An earlier version of this story incorrectly stated that ITV had made a £1.3 billion offer.