Ten receives non-binding offers ‘from a number of parties’ as deadline closes
Ten has confirmed that several offers have been made for the company as the deadline closed last night for non-indicative bids to takeover the struggling broadcaster.
In a statement released to the Australian Securities Exchange this morning, Ten said its adviser, Citigroup, has received “non-binding, conditional proposals from a number of parties which, if implemented, could result in a change of control of Ten or a refinancing of its debt facilities”.
An independent committee of the Ten board will now consider the proposals in conjunction with Citigroup. Ten highlighted the non-binding and conditional nature of the proposals and stressed it “may or may not” result in a deal being reached.
A joint bid from Foxtel and Discovery Communications remains the apparent front-runner to buy the network despite reports this morning it has reduced the price of an indicative offer tabled several weeks ago.
According to Fairfax Media the joint bid is now understood to be between 20 cents and 25 cents a share, down from 26 cents it had initially offered.
The lower offer is believed to have followed management meetings between Foxtel and Discovery and Ten at Citi’s offices in Sydney with the bidders concerned at some of the information they received.
The Australian Financial Review also reported that Los Angeles-based Saban Capital and US hedge fund Anchorage Capital remained interested in Ten.
