Foxtel, Discovery table 23 cents offer for Ten with two other bidders in play

Foxtel and Discovery Communications have tabled a 23 cents a share offer for Ten as reports emerged that two other bidders are in the race to acquire the troubled network.

This morning The Australian reports Saban Capital Group and hedge fund Anchorage Capital Partners are understood to be in the running after Ten yesterday said it had received a number of non binding conditional offers.

The Sydney Morning Herald also reported that Foxtel and Discovery offered 23 cents per share – valuing the company at $605m – in a deal tabled on Tuesday night. The joint bidders are originally believed to have offered 26 cents before a recent meeting with Ten management revealed information which made Foxtel and Discovery reduce the price.