PLDT, GMA buyout talks collapse anew

Posted at 03/04/14 4:37 PM

MANILA, Philippines – Negotiations between Philippine Long Distance Telephone Co. (PLDT) and GMA Network Inc. toward a buyout deal have collapsed anew, PLDT chairman Manuel V. Pangilinan said on Tuesday.

Pangilinan said GMA did not respond to PLDT’s offer to buy a 34 percent minority stake.

“Our offer expired already. It expired in the first week of February,” Pangilinan said.

“There is no news. We don’t know what’s going on. There are no discussions ongoing at the moment because of a variety of reasons,” he added.

Pangilinan said the PLDT Group has yet to decide if it will revive talks to acquire the broadcasting company, which it had tried to acquire several times before.

“Well, we don’t know. I am getting tired,” Pangilinan said.

PLDT, through PLDT Retirement Fund's MediaQuest Holdings, signed a deal with the majority shareholers of GMA for a controlling stake valued at around P8 billion in 2001, but the deal did not push through.

PLDT's Smart Communications revived talks with GMA in 2004, but again no deal was closed.

In 2012, talks between the Pangilinan group and GMA's major shareholders once again collapsed, reportedly over the price.

GMA, meanwhile, is also reportedly in talks with several potential buyers, including San Miguel Corp. president and chief operating officer Ramon Ang.

Ang has a stake in Solar Entertainment Inc.