Gordon Loses Court Challenge to CBS's Bid for Ten Network
18 September 2017 - 11:06AM
Dow Jones News
By Rob Taylor
CANBERRA, Australia--Media mogul Bruce Gordon has lost a court
challenge to thwart the takeover of insolvent Ten Network Holdings
Ltd. (TEN.AU) by U.S. broadcasting giant CBS Corp. (CBS).
Mr. Gordon and News Corp. (NWS) Co-chairman Lachlan Murdoch had
taken action against the proposed 201.1 million Australian dollars
(US$161 million) buyout of Ten Network, arguing their bid to buy
the company wasn't properly considered by insolvency specialists
KordaMentha.
On Monday, however, the Supreme Court dismissed the
challenge.
"I am not satisfied that the plaintiffs have established that
any deficiencies … such as to warrant orders requiring that further
information be provided to creditors or that the second creditors'
meeting be restrained," the judgement said.
Ten Network was placed into voluntary administration in June,
with administrators in August deciding to sell the company to
CBS.
Mr. Gordon and Mr. Murdoch launched a fresh bid for Ten last
week that will be considered by creditors on Thursday.
-Write to Rob Taylor at rob.taylor@wsj.com
(END) Dow Jones Newswires
September 17, 2017 20:51 ET (00:51 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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