Ten appoints Citi to advise it after speculation around Discovery and Foxtel bids

TenNetwork Ten has confirmed it has appointed Citi Bank to help it assess “a range of potential strategic options” following reports of interest in buying the company.

Yesterday the Australian Financial review reported the Discovery Network and Foxtel were preparing to make a joint bid for the beleaguered free-to-air network, with shareholders including Lachlan Murdoch and James Packer ready to sell out of the company.

This morning Ten issued an update to the Australian Securities Exchange which read: “Ten Network Holdings Limited notes recent press speculation in relation to potential transactions involving the Company.

“TEN has appointed Citi to assist in assessing a range of potential strategic options for the Company. TEN notes that while a number of potential strategic options have been considered to date, there is no guarantee any transaction will eventuate.

“TEN will notify the market in the event that further disclosure is required in accordance with its continuous disclosure obligations under the ASX Listing Rules.”

Shares in Ten remained stable at around 22c each on Wednesday following the speculation, having fallen to a low of just above 18c early in October, although the price has gone as high as 24.5c since then.

Ten’s market capitalisation is $565m at the current price.



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