In January, ITV was tipped to take a controlling stake in the Irish commercial broadcaster, which already broadcasts some of ITV's top shows such as 'Coronation Street' and 'I'm a Celebrity...', after CanWest put its 45% stake up for sale with a price tag of between £69m and £75m.
ITV has first refusal on the CanWest stake and will have the option to match any bid, which could see it paying more than it wants for the 45% stake.
UTV, owner of the ITV franchise for Ulster, which today reported pre-tax profit before exceptional items up 19% at £20.8m, is thought to have tabled an offer and possible Premier League rights bidder Setanta is also understood to be interested.
As well as the two broadcasters, private equity groups Carlyle Group and Doughty Hanson are believed to have tabled an offer in the race for the company, which is being overseen for CanWest by investment bank Hawkpoint. The bid deadline is March 31.
TV3 launched in 1998 and secured an 11% share of viewing last year, compared with 27.8% for state broadcaster RTE One, which is Ireland's biggest channel.
The remaining 10% of TV3 is owned by minority shareholders including U2 manager Paul McGuinness.
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