The indicative approach was pitched at A$0.25 per share and “only intended to facilitate further discussions with you”, AFR reported, quoting an Oct. 6 letter from a Time Warner executive to Ten’s advisers, Citigroup. Time Warner declined to comment, while Ten Network and Citigroup were not immediately available for comment. Last week, Ten announced it had appointed Citigroup to assess “a range of potential strategic options”, as media reported it had fielded a joint takeover approach from U.S.