[skidz] Ang clinches deal to buy into GMA7 San Miguel Corporation president Ramon S. Ang has reached an agreement to acquire participating minority equity interest in GMA Network from the broadcaster’s major stockholders. In a statement, GMA said “the parties concerned are presently negotiating the final terms and conditions of the share purchase documents. An appropriate disclosure shall be made upon execution of the relevant definitive agreements by the parties for the transaction.” GMA Chairman Felipe L. Gozon said “what we can confirm right now is that the Jimenez, Gozon and Duavit groups of stockholders have decided to sell a minority stake to Mr. Ramon Ang. Details of the transaction will be disclosed once we have finalized everything.” Ang also confirmed the deal but declined to comment on the size of the stake he is acquiring. “It will all boil down to the price. The speculation is that the price would be at a premium,” said Unicapital Securities’ head of equity research Lexter Azurin. It was reported that Ang had offered to buy at least 30 percent of GMA from majority shareholders at a premium or P10.80 a share. Gozon said earlier that Ang would “bring a lot of ideas” toward boosting profit for the network, citing San Miguel’s growth following its diversification in recent years. Stock market analysts said that the entry of Ang could mean more ads coming from the San Miguel group, a boon to the declining earnings of GMA. However, they wonder if it will also translate to a reduction in ads from the Manuel V. Pangilinan group which GMA shareholders had spurned at least three times already. Pangilinan’s last attempt to acquire a stake in GMA expired last February. He had wanted to buy a 34 percent stake in GMA through Mediaquest Holdings of Philippine Long Distance Telephone Company but had never saw eye-to-eye with GMA shareholders on the price. Talks between PLDT and GMA had been made in 2001, 2004, 2012 and, finally, in 2014. After the latest attempt failed again, Pangilinan said he was tired already. mb.ph/ang-clinches-deal-to-buy-into-gma7/
Posted on: Wed, 25 Jun 2014 03:53:07 +0000
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