After San Miguel Corporation’s President and Chief Operating Officer Ramon Ang courted GMA-7 for quite a while, he was turned down just when he thought everything was sailing smooth.
Since June 2014, Ang was already planning to acquire 30% minority stake of the broadcast network and it was on November 2014 that the plan was turned in papers with the GMA Network, Incorporated. Ang then claimed that his negotiation with GMA-7 is a ‘done deal’.
It was only this May 2015 that GMA7 disclosed to the Philippine Stock Exchange that the negotiation between the network’s majority stockholders (Jimenez, Gozon and Duavit families) and Ang, regarding the acquisition of a participating minority interest is now deemed terminated.
Caught by surprise on the disclosure made by the Kapuso Network, these were the words said by Ang via a text message. “I did not expect this. There was no indication they would do this in the middle of negotiations. I am consulting my lawyer and I am waiting for an explanation.”
Looking back, this is the fifth time that broadcast network turned down a negotiation with potential investors. Analysts also say that it is probable that GMA-7 is eyeing for a higher price. And that GMA-7 is not in a hurry selling their stake.
On the record, PLDT attempted to acquire shares on the broadcast network with a P9.00 per share offer for a controlling interest. But Ramon Ang took over bidding a P10.80 per share.
As the negotiation with Ang fell through, many suitors are grooming for GMA-7’s interest. One of those is the PLDT Group, which already attempted to invest a couple of times. And another one is said to be Globe Telecom Incorporated.
So may the best investor wins.
