Ten Shareholders Delay CBS Takeover

**FILE*** A Thursday, Oct. 21, 2010 file photo the Sydney Head Office of Network Ten in Pyrmont, Sydney. Network Ten's Wake Up program and its early, morning and late news will be axed from Friday. (AAP Image/Lee Besford) NO ARCHIVING

CBS might have to wait until at least Friday to get the final tick of approval for its takeover of Network Ten, with three shareholders of the embattled free-to-air broadcaster attempting to scuttle it.

Yunfeng Du, David Gubbay and Chun Leung have challenged an independent experts’ report issued by KMPG last month that determined their shares in Ten were worthless.

The NSW Supreme Court hearing, which kicked off yesterday in Sydney, was adjourned until this morning to allow the three shareholders time to run their eyes over a supplementary report prepared on behalf of Ten’s administrator, KordaMentha, according to Fairfax.

The supplementary report was issued in reply to the condemnation of KPMG’s findings by Ten shareholders.

The court hearing was originally slated to be just a three-day affair, but is now looking like it could go beyond this week.

All CBS needs now to finalise its deal with Ten is for the NSW Supreme Court to approve the transfer of the free-to-air broadcaster’s shares, after being given the all clear by the Foreign Investment Review Board last month.

 




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