Listed firm, GMA Network, shed roughly P4 billion in Market Value after news on the termination of merger talks with the PLDT Group stunned investors. In just two days, GMA's share price dropped 14% to P8.16 from P9.50 in October 02, reflecting an estimated P4 billion loss in Market Value. GMA's share price ballooned early this year amidst news that PLDT Group will acquire the company for P52 billion, but talks between the two parties went rough on pricing issues.
GMA7 and GMAP were top losing stocks in the Philippine Stocks Exchange in spite of an all time high PSEi index. Rival ABS-CBN Corp. saw its market value climb 35% from P24.45 per share on August 28 to P33.00 per share in October 4.
TV NETWORK WAR ORIGINAL