ACCC reviewing possible Murdoch / Gordon bid for TEN
Although no formal bid has been announced, corporate watchdog opens an informal review on TEN takeover.
- Published by David Knox
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The Australian Competition and Consumer Commission has opened submissions as part of an informal review of a proposed joint bid by Lachlan Murdoch & Bruce Gordon for Network TEN.
Whilst no formal bid has been announced by Murdoch’s Illyria Nominees Television or Gordon’s Birketu Pty Ltd. the corporate watchdog is seeking submissions until July 24.
The federal government is proposing reforms to make takeovers easier, but at this stage they are still subject to ACCC scrutiny.
The ACCC is expected to announce its findings on August 31 as either a final decision or a Statement of Issues.
James Packer, Murdoch and Gordon have provided $30m in immediate funding to keep TEN operating while receivers PPB refinance or sell the network.
Source: The Australian
One Response
So Gordon and Murdoch had a change of heart…