GMA 7’s Gilberto Duavit Jr., Last week, a source in Hong Kong-based First Pacific Co. Ltd., of which Pangilinan is CEO and Managing Director, said that the “asking price” for GMA 7 was between P45 billion and P51 billion—an amount the Pangilinan group was said to be willing to pay.
source 
For more updates FOLLOW us on Twitter @pinoyTVpolice and LIKE US on Facebook
But latest reports said the three families controlling GMA 7 want P60 billion for the company.
The closing price of GMA 7 at the Philippine Stock Exchange on April 25 was P9.36. A 100-percent stake in GMA 7 would cost over P31 billion, but it is customary for buyers to pay a premium for acquisitions that give them control of their targeted companies.
At P45 billion, Pangilinan is willing to pay a premium of about 48 percent to GMA Network’s present market capitalization, but the controlling shareholders seek a premium of 94 percent.
The Pangilinan group has investments in several media companies and full ownership of television network TV 5. The PLDT Beneficial Trust Fund, through its subsidiary Media Quest Holdings, also has minority interests in print media: BusinessWorld, Philippine Star and the Philippine Daily Inquirer.
The right price.
GMA-7 is controlled by the Duavit, Gozon and Jimenez families. The Gozon group, represented by GMA chairman Felipe L. Gozon, had admitted in the past that the company could be sold for “the right price.”
The sale of GMA-7 to the PLDT group nearly happened in 2001 with the signing of a memorandum of understanding. Duavit said agreements had been reached on the price for a majority stake of the firm, but the deal fell through because of issues encountered by the buyer that were not related to price.
But conditions could be right this time around.
No comments:
Post a Comment
Anong masasabi mo sa issue na 'to? mag-Comment na!!