Failed Ten Network bidders Bruce Gordon and Lachlan Murdoch may be analysing their own independent expert’s report ahead of making a decision on challenging the sale of Ten to CBS, a court has heard.
Lawyers for Tens administrator KordaMentha have told the NSW Supreme Court that the media moguls were also awaiting KordaMentha’s independent report before deciding on any attempt to block the final transfer of Ten shares to victorious bidder CBS.
Correspondence tendered to the court shows Mr Murdoch and Mr Gordon, through their respective companies Illyria and Birketu, expressed reservations to Ten’s administators on Tuesday about their access to information on the sale process.
The pair have indicated they intend to appeal the court’s decision to allow creditors, and CBS, to vote on the CBS takeover on 16 September.
Ten’s creditors overwhelmingly backed the sale of the embattled network to CBS, Ten’slargest creditor, on September 19.
A spokesman for KordaMentha said that while the passage of the sale through the Foreign Investment Review Board and the transfer of shares to CBS was “usually routine”, the administrators sought the hearing on Wednesday to set a timetable for the share transfer in anticipation of a challenge from Mr Murdoch and Mr Gordon.
KordaMentha said it aims to make the independent report available shareholders via the ASIC website by 10 October, with the Supreme Court setting 31
October as a tentative date to hear any final shareholder opposition.
have not yet decided on when or how to intervene in the sale of Ten to CBS, a court has heard in Sydney.
Lawyers for Ten administrator KordaMentha have told the NSW Supreme Court the media moguls have indicated they are waiting for an independent expert’s report before declaring their hand on any attempt to block the final transfer to Ten shares to US broadcaster CBS.
KordaMentha said it aims to make its independent report on the CBS deal available to shareholders by October 10.
The Supreme Court has set October 31 as a tentative date to hear any final shareholder opposition.