Should ITV plc pay up for Entertainment One Ltd?

We now know the price that ITV(LSE: ITV) tabled in its bid to acquire TV, film, and music rights holder Entertainment One(LSE: ETO), and we also know that management rejected it. Will ITV come back with a higher offer -- and should it?

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Owain Bennallack has no position in any shares mentioned. The Motley Fool UK has recommended ITV. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.