RSA BACKS OUT FROM BUYING GMA7!

It’s a no go as far as San Miguel Corporation (SMC) president Ramon S. Ang’s investment in GMA Network Inc.

In a disclosure to the Philippine Stock Exchange, GMA7 said its majority shareholders’ negotiations with Ang “on the sale and purchase of a participating minority interest in the company’s outstanding capital stock is now deemed terminated.”

The Jimenez, Gozon and Duavit families own 79 percent of GMA7.

To recall, the PLDT Group thrice attempted to invest in GMA7, but discussions with the broadcast network’s majority shareholders fell through. During its last attempt, the PLDT Group supposedly offered P9 a share for a controlling stake in GMA7, but Ang allegedly trumped this with a P10.80 bid.

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