Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, November 5, 2014

Australia's Ten hires Citi advisers as takeover rumours swirl, (NYSE: C)

Australian television broadcaster Ten Network Holdings Ltd said on Thursday it had hired investment bank Citigroup Inc to assess "a range of potential strategic options", as media reported it was fielding takeover offers.In a statement to the Australian Securities Exchange, the struggling network which is backed by some of Australia's richest people said that after reports of "potential transactions involving the company" it had hired Citi to help look at various strategic options."Ten notes that while a number of potential strategic options have been considered to date, there is no guarantee any transaction will eventuate," it added, without specifying what options it and Citi were considering.The investment bank appointment is the strongest sign Ten is contemplating its future ownership as it battles years of losses, declining ratings and sinking shares.

Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C traded higher by 1.56% or $0.83/share to $54.02. In the past year, the shares have traded as low as $45.18 and as high as $55.28. On average, 17290100 shares of C exchange hands on a given day and today's volume is recorded at 18545296.