Nothing in that announcement indicated that there was agreement from TEN. All it is is an offer from CHAMP for the purpose of entering into a Heads of Agreement. TEN has not agreed to the offer, all this indicates what CHAMP is now willing to pay subject to agreement to terms. Just continuous disclosure obligations that negotiations are still progressing, although I am of the opinion until a deal is actually reached all management are doing is unnecessarily making announcements.
I would not get to excited because the price change from $145 million to $110 million is quite significant compared to the change in price accepted by Goldmans in relation to Nine, and this would be in the back of everyone's minds.
TEN Price at posting:
24.2¢ Sentiment: None Disclosure: Held
