MVP will pay in cash when he buys GMA7
MANILA, Philippines - Manuel V. Pangilinan, chairman of Philippine Long Distance Telephone Co. (PLDT), will pay in cash when his group buys GMA Network Inc.
"All cash...Well, we are talking to 3 major shareholders but should we exceed, as we are likely to exceed the 35 percent trigger point, then it will require us an offer on the same terms to the minority. So the answer is yes. We have to make a cash offer to the minorities as well," Pangilinan said
Pangilinan remains confident that he will be able to forge a deal with GMA's major shareholders - the families of Gozon, Jimenez and Duavit, who are reportedly asking for as much as P60 billion.
Pangilinan refused to divulge how much his offer is.
"Ultimately, it depends on the three families who control GMA7 whom they want to sell it. After all they are the owners so they have every right to decide to whom to sell," he said.
If he acquires GMA7, Pangilinan said it will not be merged with TV5. "They have to be separate. They have separate franchises, separate management, separate operations, and separate profiles," he said.
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