MANILA – GMA Network Inc. on Tuesday said its talks with businessman Ramon Ang for the acquisition of a minority stake in the listed broadcast company have been "terminated."
In a disclosure to the stock exchange, GMA vice president Ayahi Ari Augusto Chio said negotiations between Ang and the Jimenez, Gozon, and Duavit groups for the purchase of at least 30 percent interest in the company will no longer continue.
"The company has been informed by its majority shareholders (Jimenez Group, Gozon Group and Duavit Group) that the negotiation with Mr. Ramon S. Ang on the sale and purchase of a participating minority equity interest in the Company's outstanding capital stock is now deemed terminated,” Chio said.
Ang, meanwhile, said he did not expect GMA’s announcement “in the middle of negotiations.”
“I was surprised. I did not expect this. There was no indication they would do this in the middle of negotiations,” Ang told ABS-CBN News.
“I am consulting my lawyer and I am waiting for an explanation,” he added.
Last month, GMA expressed doubts that Ang, who is also the president and chief operating officer San Miguel Corp., will pursue the acquisition of shares.
GMA chairman Felipe Gozon earlier said majority shareholders of GMA have adopted a “wait-and-see” attitude on the proposed buy-in.
"The ball is in his court. Since I'm no longer sure, it depends on the suitor whether they would like to court us or not. if I say that we are still close nobody will believe me so I won't say it. So at this point, let me just say that our attitude is wait and see," said Gozon.
Talks of a possible share sale between GMA and Ang surfaced last year after negotiations with Philippine Long Distance Telephone Co. (PLDT) failed.