MANILA, Philippines – GMA Network Incorporated turned down acquisition offers from “old and new” suitors, including boxing champ Emmanuel “Manny” Pacquiao and former Ilocos Sur Governor Luis “Chavit” Singson.
Instead, GMA’s majority stakeholders chose to focus first on growing the business and its value.
On the sidelines of GMA’s Christmas party in Quezon City on Wednesday, December 9, its president and CEO Felipe Gozon admitted that Pacquiao and Singson offered to buy a stake in the network, but talks did not push through.
“Marami kaming (manliligaw) dati, merong bago at merong luma, (We had lots of suitors before, some new and some old.) But there is nothing really to say. We want to focus on growing the company para lalo lumaki presyo (so we can increase the price). It can happen anytime,” Gozon said. (READ: GMA’s Felipe Gozon: No to offers for now)
In a separate event in Makati City Thursday, December 10, Philippine Long Distance Telephone Company (PLDT) Chairman Manuel V. Pangilinan said his company is not one of GMA’s suitors.
It was also in June when GMA announced that talks have collapsed between Ramon S. Ang and the majority shareholders of GMA for the planned acquisition of a minority stake in the listed broadcast network. (READ: GMA-Ramon Ang talks collapse)
Asked on the failed acquisition talks with Ang, Gozon replied: “Hindi kami nagkatalo dahil sa presyo, eh, (We didn’t agree on the price).”
In January 2014, a news report said Ang offered to buy at least 30% of GMA from majority stockholders at a premium of P10.80 ($0.24) per share. Some stock analysts speculated that the broadcast network might want more than what Ang had offered.
Gozon told reporters on Wednesday that GMA met with the network’s majority stakeholders recently, and decided to “focus first in growing the business” to “increase the value of the company.”
GMA’s net income for the first 9 months of the year ballooned by 79%, with both its airtime revenues and nationwide ratings effectively maintained at a positive level. – Rappler.com