U.S. media giant Time Warner Inc has approached struggling Australian broadcaster Ten Network Holdings Ltd about a A$680 million ($588 million) takeover bid, the Australian Financial Review reported on Monday. The indicative approach was pitched at A$0.25 per share and "only intended to facilitate further discussions with you", AFR reported, quoting an Oct. 6 letter from a Time Warner executive to Ten's advisers, Citigroup.Time Warner declined to comment, while Ten Network and Citigroup were not immediately available for comment.Last week, Ten announced it had appointed Citigroup to assess "a range of potential strategic options", as media reported it had fielded a joint takeover approach from U.S. cable television giant Discovery Communications Inc and Australian pay television firm Foxtel.Shares in the company, which is backed by some of Australia's richest people including Lachlan Murdoch, Gina Rinehart and James Packer, have rallied on the takeover speculation, lifting from an all-time low of A$0.18 last month to close on Friday at A$0.27.
Discovery Communications, Inc. (Discovery) is a global nonfiction media and entertainment company that provide programming across multiple distribution platforms worldwide. Shares of DISCA fell by 0.85% or $-0.28/share to $32.62. In the past year, the shares have traded as low as $32.03 and as high as $46.38. On average, 3593680 shares of DISCA exchange hands on a given day and today's volume is recorded at 5338461.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 0.47% or $-0.36/share to $77.00. In the past year, the shares have traded as low as $58.22 and as high as $88.13. On average, 5537700 shares of TWX exchange hands on a given day and today's volume is recorded at 5223379.
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