Ten shares ease as network hoses down takeover speculation
The Ten Network has confirmed that it has received a number of offers from potential buyers, but is urging caution to people trading the company's shares.
The third-ranked commercial free-to-air broadcaster told the ASX that it has received a "number" of proposals which could result in a change of ownership or debt refinancing.
The statement said the offers are "non-binding, conditional proposals from a number of parties in relation to transactions."
Ten Network has appointed investment bank Citigroup to advise it on its options.
The board is now considering the offers, in conjunction with its advisors.
The statement warned people against looking to trade shares on media reports about any potential deals.
"Ten urges caution in dealing in its shares on the basis of media speculation about potential transactions involving the company," the company warned.
Ten said it will continue to update the market as it is required to do so under continuous disclosure obligations.
At 10:28am (AEDT) shares in the company were down 4.2 per cent to $0.23.
