In a disclosure to the stock exchange, publicly listed GMA Network Inc. said discussions with MediaQuest Holdings Inc. for its possible acquisition of a controlling stake in the network have been terminated.
Here’s the joint official statement by Media Quest Holdings and GMA Network:
MediaQuest Holdings Inc. (Mediaquest) and the major shareholders of GMA Network Inc. have announced the termination of recent discussions with respect to a possible acquisition of a controlling interest in GMA by MediaQuest and its affiliate within the PLDT Group.
The parties have been unable to arrive at mutually acceptable terms despite the continual discussions and efforts exerted in good faith.
Mediaquest is an investee company of the PLDT Retirement Fund.
Further to the statement that was issued earlier, below is the quote from GMA Network Chairman and CEO Atty. Felipe L. Gozon:
“The issues that the parties were not able to resolve had nothing to do with the price.”
“If there is a serious offer in the future, then we are willing to consider.”
This is the second time Pangilinan has attempted and failed to acquire GMA-7. In the early 2000s, Pangilinan tried to buy GMA-7 but discussions fell apart.
