Eye Corp: going for $110m?
A deal between Ten and the owner of Eye Corp looks to be back on the cards, with Outdoor Media Operation placing a bid of around $110m for the outdoor ad firm.
Ten confirmed news reported in the Australian Financial Review this morning, stating that the reported figure of $110m is “approximately” correct.
Ten came to an agreement with OMO to sell Eye Corp for $145m in July, having put the business up for sale in March.
The deal has yet to be finalised.
An announcement from Ten reads:
Ten Network Holdings Limited (ASX:TEN, “TEN”) refers to the article in today’s Australian Financial Review entitled “Ten receives $110m offer for EyeCorp” and confirms that it has received an offer of approximately this amount from Outdoor Media Operations Pty Limited (“OMO”), a company controlled by CHAMP Private Equity.
The offer is subject to final negotiation of the revised terms of a share sale agreement between TEN and OMO.
It is anticipated that the final sale price will be subject to the outcome of these further negotiations.
It was reported last week that the deal had hit the rocks, with OMO sending Ten a termination of notice.