MANILA, Philippines - Too expensive. That's how TV5 chairman Manuel V. Pangilinan described the P60 billion price tag sought for rival GMA Network Inc.
"Sobrang mahal yun," Pangilinan said when asked if his group would shell out double GMA Network's market value for full ownership of the broadcast company.
At the close of trading on Monday, listed GMA Network shares were priced at P9.40 each, valuing the company at P31.929 billion.
Pangilinan was supposed to have offered P45 billion for GMA Network, but the three families controlling the broadcast firm - the Duavits, Gozons, and Jimenezes - would sell for at least P60 billion.
Gilberto Duavit Jr., GMA Network president, said in a press release that they "are presently not in serious negotiations with the PLDT group as we have not yet received an offer price that is acceptable to us."
"Sobrang mahal yun," Pangilinan said when asked if his group would shell out double GMA Network's market value for full ownership of the broadcast company.
At the close of trading on Monday, listed GMA Network shares were priced at P9.40 each, valuing the company at P31.929 billion.
Pangilinan was supposed to have offered P45 billion for GMA Network, but the three families controlling the broadcast firm - the Duavits, Gozons, and Jimenezes - would sell for at least P60 billion.
Gilberto Duavit Jr., GMA Network president, said in a press release that they "are presently not in serious negotiations with the PLDT group as we have not yet received an offer price that is acceptable to us."
Pangilinan chairs Philippine Long Distance Telephone Co., whose unit MediaQuest Holdings owns TV5. InterAksyon.com is the online news portal of TV5.
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