The World: Dublin - Ulster TV and ITV table bids for CanWest's TV3 stake

Ulster Television and ITV have both made bids for Dublin's TV3 after the Canadian media group CanWest decided to sell its 55 per cent share in the broadcaster.

The remaining 45 per cent was originally purchased by Granada, which is now owned by ITV. This gives the broadcaster the right to top any bid made by UTV. However, if ITV decides not to outbid UTV, it will be forced to sell its existing shares.

TV3 has been valued at x200 million, but UTV has tabled a bid of more than x250 million. Setanta and BSkyB have both already pulled out of the contest.