Sydney- Canada’s CanWest has abandoned plans to sell its majority stake in Network Ten after failing to unearth a bidder that would meet its asking price. There was a lot of interest from a number of parties at very competitive prices compared to multiples of other deals in the market, but CanWest felt there was more future value in Ten than was reflected in those approaches, according to one source. Local media reported there was interest from the private buyout arm of Merrill Lynch, San Francisco’s Hellman & Friedman and the New York-based Carlyle and Blackstone groups. CanWest is asserting control of the Ten group by converting its 56.4% economic interest into voting shares, which is permitted since the government abolished restrictions on foreign media ownership. Ten’s Executive Chairman Nick Falloon welcomed the decision as a sign of continued belief in Ten’s growth prospects and said management can now focus on running and growing the business. The Canadian company is selling its New Zealand TV and radio business, CanWestMediaWorks, to Ironbridge Capital of Australia.