Ten required to sell to its competitors for $1

Network Ten (TEN) has lost its bid to prevent a sale of its shares in TX Australia Pty Ltd (TXA) to the Seven Network (SEVEN) and the Nine Network (NINE) for $1 in the recent case of TX Australia Pty Ltd v Network Ten Pty Ltd; Network Ten Pty Ltd v TX Australia Pty Ltd [2018] NSWSC 559. It is understood that TEN intends to appeal the decision.

The Key Facts

1. TEN, SEVEN, and NINE each owned one third of the share capital in TXA.
2. TXA, TEN, SEVEN and NINE were parties to a shareholders agreement with respect to TXA (Agreement).
3. The Agreement contained a compulsory disposal mechanism. If an "event of default" occurred to a shareholder, that shareholder would be deemed to have offered to sell their shares in TXA to the other shareholders.