Whoa! If we needed any reminder that Manny V. Pangilinan is one of the richest person in the Philippines, then we need not look further.
MVP, as he is fondly called issued a statement that he is planning to buy GMA 7 in cash should the buyout push through.
“We’re looking at an all-cash transaction. The purchase is likely to exceed the threshold that will trigger a mandatory tender offer,”
MVP is targeting 35% percent of the shares and is willing to extend the cash offer to minority shareholders which will exceed the trigger point for a mandatory acquisition.
He is currently deep in negotiations with the three major stockholders of the Kapuso network—the Duavit, Gozon, and Jimenez families.
MVP is also quick to dismiss the issue of monopoly stating the the country has other TV networks. He also added that TV5 and GMA-7, will remain separate in the event of the buyout.
“They have to be separate. They have separate franchises, separate management, separate operations, and separate profiles.”
On reports that other conglomerates, like San Miguel Corp., are looking to match their offer to GMA-7, this is what MVP has to say:
“Ultimately, it depends on the three families who control GMA-7 whom they would want to sell to. After all, they are the owners, so they have every right to decide on whom to sell to.”
And as reported earlier, MVP remains positive than an agreement will be reached before the end of the year.