ENTERTAINMENT

Howard, Grazer Set Formal Bid for Imagine Films: The director-producer team of Ron Howard and Brian Grazer submitted a formal bid of $24 million for 46% of Imagine Films Entertainment Inc. The pair--who co-founded the company in 1985, took it public in 1986 and now serve as co-chief executives--outlined a two-step process in a filing with the SEC. They initially will make a tender offer of $9 a share for all stock held by disinterested shareholders. Imagine will thereafter merge with a company organized by HG Productions, a partnership Howard and Grazer control. At that point shareholders who have not already sold will have the right to receive $9 a share. Imagine has produced such films as “Housesitter,” “Far and Away,” “Parenthood,” “Backdraft” and “Cocoon.”