Ten Network chief executive Hamish McLennan Source: News Corp Australia

Speaking at today’s annual meeting, Ten (TEN) executive chairman and chief executive Hamish McLennan said “there is no further update to our December 3 statement”.

A consortium of pay-TV operator Foxtel and US cable giant Discovery Communications has offered about 23c a share, or $590 million, for the free-to-air TV network.

Other potential suitors include private equity firm Anchorage Capital and Haim Saban from Saban Capital.

“As you know, on November 6 this year we advised the market that we had appointed Citi to assist in assessing a range of potential strategic options for the company,” Mr McLennan said.

“On December 3, we advised that Citi had received non-binding, conditional proposals from a number of parties in relation to transactions which, if implemented, could result in a change of control of Ten or a refinancing of its existing debt facilities.

“An independent committee of the board of Ten is considering those proposals in conjunction with Citi.

“It should be noted that the proposals are confidential, non-binding and conditional in nature, and may or may not result in a transaction which is acceptable to the company.”

Ten has become a takeover target after suffering a sharp fall in ratings and revenue share.

Among the other options for Ten is a refinancing of its main loan, a $200 million four-year debt ­facility guaranteed by three of the major shareholders: News Corp co-chairman Lachlan Murdoch, Crown Resorts chairman James Packer and WIN Corporation owner Bruce Gordon.

In market outlook commentary, Mr McLennan said the television advertising market remained “short”.

“We are expecting it to record marginal growth during 2014-15,” he said.

Despite poor ratings at the start of the television survey year, the company has seen strong ratings growth since May 2014 under a new strategy devised by Mr McLennan.