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In a surprise move, James Packer has splashed $250 million on a stake close to 16 per cent in Ten Network Holdings Ltd (ASX:TEN), with speculation he is eyeing up to a 20 per cent interest.
The Australian reports the share raid was conducted by investment bank UBS for Prime Capital, a private company belonging to the Packer family.
It is believed Mr Packer is seeking representation on the Ten board, with reports that by yesterday evening UBS had approached a stake that could secure Mr Packer a presence on the board.
Having sold his interest in the Nine Network, in recent years Mr Packer has focused on his gaming interests through Crown Lt (ASX:CWN), in which he has a 44 per cent interest, but according to the paper Ten Network is considered an under-valued asset.
Shares in Ten Network Holdings closed steady yesterday at $1.41 per share, with UBS reportedly paying $1.50 per share, representing a 6.4 per cent premium.
Ten Network Holdings moved into the black in the six months to the 28 February 2010, posting a profit of $58.7 million.
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