Shares in Ten jump 20 per cent following takeover speculation
Ten’s share trading for November 7. Source: Google Finance
Shares in Network Ten have soared by nearly 20 per cent today after climbing by 7 per cent yesterday, on the back of speculation about a takeover for the beleaguered TV network.
The Discovery Network and Foxtel are the latest companies to be linked with a buyout of the third-placed free-to-air network, with Ten yesterday telling the Australian Securities Exchange it had hired Citi to advise on potential approaches.
This morning shares started trading at 24c each, having closed at 22.5c yesterday, before jumping as high as 28c.
They are currently trading at 27c giving the company a market capitalisation of $676m. The company’s shares had dropped as low as 19c each at the start of October.
It’s entirely clear the place has been slimmed for takeover. Clearly the value tipping point is near.
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The shares are the only show that have had a lift in the ratings.
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Does anyone want to swap two Channel 10 shares for a postage stamp?
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And who prey tell would benefit from that? Surely not majority shareholders….
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