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 didn't react to PLDT’s offer to get a 34 % minority stake.
“Our offer expired already. It expired in the initial week of February, ” Pangilinan said.
“There is not any news. We don’t know what’s going on. You can find no discussions ongoing at this time due to a selection of reasons, ” that he added.
Pangilinan said the PLDT Group has yet to choose if it'll revive foretells find the broadcasting company, which it had tried to obtain many times before.
“Well, we don’t know. I'm getting tired, ” Pangilinan said.
PLDT, through PLDT Retirement Fund's MediaQuest Holdings, signed a cope with almost all shareholers of GMA for a controlling stake valued at around P8 billion in 2001, however the deal didn't push through.
PLDT's Smart Communications revived talks with GMA in 2004, but again no deal was closed.
In 2012, talks between your Pangilinan group and GMA's major shareholders once more collapsed, reportedly on the price.
GMA, meanwhile, can be reportedly in talks with a few audience, including San Miguel Corp. president and chief operating officer Ramon Ang.
Ang includes a stake in Solar Entertainment Inc.
