ITV has officially withdrawn its proposal to acquire Entertainment One (eOne) after the two companies failed to reach an agreement on the sale price.

The U.K. producer-broadcaster made the announcement Thursday morning (Aug. 25), stating in a release that the two parties appeared to have different views on the value of the eOne, restricting the ability for talks to move forward.

Earlier this month, eOne rejected ITV’s £1.03 billion (CAD $1.76 billion) acquisition offer. In a note to its shareholders, eOne said the ITV bid undervalued the company and its prospects. In its own statement, ITV said it continued to back its assessment of eOne’s value.

“ITV continues to believe in the strategic logic and potential benefits of acquiring eOne but has a clear view of the value of the business, recognizing that this value would need to be verified by appropriate due diligence. It appears this value is different to the level at which the board of eOne would currently engage in a more formal process,” the company statement said.

Following ITV’s withdrawal, eOne shares dipped this morning from a high of 250.6 pence per share (CAD $4.28)  to a low of 205 pence per share (CAD $3.50).

After rejecting ITV’s bid, the company’s shares were buoyed when it was reported that private equity firm KKR & Co. was considering a takeover offer.

In other eOne news, last week, it announced it had taken full ownership of Toronto digital studio Secret Location, of which it has had a minority stake in since 2014.