Shares in Ten Network Holdings Limited (ASX:TEN) slumped 6.5% to 22.5 cents after reports that Foxtel and US cable giant Discovery Communications have tabled a conditional bid for the network at 23 cents per share.
This could be the end game for Ten as an independent company. The AFR reports at least two other bidders have submitted offers.
There are many losers, given the Ten share price has slumped a massive 84% over the last 5 years.
The biggest loser of them all might be Australia's richest person, Gina Rinehart. By my calculations, she's invested a total of $202m into the company since she first took a stake in 2010.
At today's share price of 22.5 cents, her stake is now worth $57m, meaning the iron ore baroness has torched a cool $145m in rather quick time.
Perhaps in future she should just stick to iron ore.
