Sydney- Canada’s CanWest has abandoned its plan to sell its controlling shareholding in Network Ten after apparently failing to unearth a bidder that would meet its asking price. The Canadian company recently sold its shares in its New Zealand TV and radio networks to an Australian private equity group. CanWest said it had “concluded its strategic review” and intends to exercise its right to exchange its ordinary shares and convertible debentures in The Ten Group Pty Limited (TGL) into ordinary shares of Ten Holdings. That will translate to a 56% stake in Ten, worth $2.75 billion. Ten’s Executive Chairman, Nick Falloon said: “We welcome CanWest’s decision as a sign of continued belief in the future growth prospects of TEN. TEN’s management is pleased that they can concentrate their focus on running and growing the business.” CanWest also indicated there is scope for providing significant cash distributions to Ten Holdings shareholders in the future without limiting its growth prospects.