Foxtel, Discovery table 23 cents offer for Ten with two other bidders in play

Ten logoFoxtel and Discovery Communications have tabled a 23 cents a share offer for Ten as reports emerged that two other bidders are in the race to acquire the troubled network.

This morning The Australian reports Saban Capital Group and hedge fund Anchorage Capital Partners are understood to be in the running after Ten yesterday said it had received a number of non binding conditional offers.

The Sydney Morning Herald also reported that Foxtel and Discovery offered 23 cents per share – valuing the company at $605m – in a deal tabled on Tuesday night. The joint bidders are originally believed to have offered 26 cents before a recent meeting with Ten management revealed information which made Foxtel and Discovery reduce the price.

The SMH reported that Lachlan Murdoch and James Packer would resist any proposal to refinance  debt – which has apparently been suggested by at least one director – and would prefer to sell, assuming they received a reasonable offer.

Ten’s independent directors are understood to have met on Wednesday to discuss the Foxtel and Discovery bid.

While the offer is likely to be hard to sell to all shareholders, shares in Ten fell six per cent to 22.5 cents last night.


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