Ten gets reduced offer for Eye Corp

23 Oct 2012, 6:00 pm   -   Source: AAP
A private equity firm has lowered its offer for Ten's Eye Corp by 24 per cent to $110 million. (AAP)

A private equity firm has lowered its offer for Ten's Eye Corp by 24 per cent to $110 million. (AAP)

A private equity firm has lowered its offer for Ten's outdoor advertising business Eye Corp by 24 per cent to $110 million.

Ten Network Holdings has received a reduced offer for its outdoor advertising business Eye Corp from its private equity suitor.

Ten on Tuesday said Outdoor Media Operations (OMO), which is controlled by Champ private equity, had made an offer of approximately $110 million for Eye Corp.

The new bid is 24 per cent lower than OMO's original offer price of $145 million.

The original offer was withdrawn by OMO earlier in October, reportedly due to concerns about Eye Corp's financial performance.

Ten said the new offer was subject to final negotiation of the revised terms of a share sale agreement between it and OMO.

"It is anticipated that the final sale price will be subject to the outcome of these further negotiations," Ten said in a statement.

Ten shares were up 0.5 cents at 30.5 cents on Tuesday.

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