Ten Shares Are Tanking After The TV Network Confirms Takeover Offers

TEN Chief Executive Officer Hamish McLennan . Getty/ Quinn Rooney

Ten shares are tanking after the troubled free-to-air TV network confirmed it’s received a number of offers.

Its adviser Citigroup, which is looking at strategic options for the company, has received “non-binding, conditional proposals from a number of parties”.

The board of directors is now looking at the deals.

The US private equity firm Saban Capital Group has emerged as the latest suit for the troubled Ten Network.

Among the reported interested parties are the Los Angeles-based media and communications industries specialist Saban, Fairfax Media, and a joint Foxtel and US media group Discovery Communications bid.

According to the Australian Financial Review, Discovery Communications and Foxtel have lodged a conditional, non-binding, takeover bid of 23¢ a share, or $605 million.

Ten’s shareholders include some of Australia’s wealthiest, including mining billionaire Gina Rinehart who has stepped down from the board of directors at Ten but maintains her 10% holding in the company.

Others include casino operator James Packer, media player Lachlan Murdoch and television industry pioneer Bruce Gordon.

Ten’s shares are down 7.5% today to $0.222.

The company $168.3 million in the year to the end of August.

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