Murdoch, Packer stop Hellman & Friedman Ten bid
In a piece of corporate high drama as engaging as any episode of Bondi Rescue or its other major shows, Australia’s Ten Network saw media magnates James Packer and Lachlan Murdoch take up a joint 18% blocking stake in its parent Ten Holdings to head off an ostensible privatization bid being hatched by Nick Falloon, its executive chairman, and Brian Powers, his former boss and now chairman with leading US TMT PE firm Hellman & Friedman.
Falloon duly offered his resignation, while welcoming Packer and Murdoch to take up the two board seats presented them by Ten Holdings. “The Board looks forward to James Packer and Lachlan Murdoch also...
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