At least five bidders are expected to make final-round offers today for Endemol, the maker of Big Brother and Deal or No Deal, which is currently valued at €3bn (£2.04bn).

Some people familiar with the auction cautioned that the steep run-up in Endemol's shares since Telefónica announced plans to sell its 75 per cent stake in the production company may result in most bids coming in with little or no premium.