Troubled broadcaster Ten Network has received a number of non-binding proposals it says could lead to a takeover or a refinancing of its debt.
Ten says its adviser Citigroup fielded proposals from a number of parties during a submission process that ended on Tuesday.
It’s stressed the proposals are conditional and non-binding although they may lead to a takeover or a debt refinancing.
he bidders are believed to include a consortium of pay TV operator Foxtel and US cable giant Discovery.
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Media reports suggest the consortium has put forward a takeover offer that values the broadcaster at between $510 million and $664 million.
The Australian reports the pair put forward a 20-25 cent per share offer on Tuesday night.
Ten shares closed at 24 cents on Tuesday.
The success of any takeover proposal will depend on the support of high profile shareholders including News Corp co-chairman Lachlan Murdoch, Crown Resorts chairman James Packer, mining magnate Gina Rinehart and WIN TV owner Bruce Gordon.
