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Ten Network Holdings (ASX:TEN) faces a nervous wait as the struggling mulls over an opening takeover bid from Discovery Communications and Foxtel.

Following an indicative bid of 26 cents per share a few weeks ago, Discovery and Foxtel are believed to have dropped their offer to below the 25 cent mark after management meetings stirred concerns for the health of the company.

Ten may choose to reject the bid feeling it can hold out for a higher offer or opt for privatisation with the support of three major share holders, Lachlan Murdoch, James Packer and Bruce Gordon who have jointly guaranteed a $200 million loan to the network.

The Foxtel bid is also subject to approval by the ACCC. 
 

Ten Network produced a net loss of $163 million for the full year ended 31 August 2014.