Second to the top worlds Manny Pacquiao most high paying athletes try to buy GMA-7 network inc one of the biggest company of the Philippines, but rejected.
Filipino boxing icon Manny Pacquiao and a company of businessman tried to buy one of the country’s largest Television Network, GMA-7 but the management and owners of the Kapuso Channel rejected the offer.
According to some business reporters, the failed deal follows a similar unsuccessful negotiations with other groups that include some of country’s largest companies.
Some reports noted that some groups were interested with the media company, these groups includes Philippine Long Distance Telephone, Company’s CEO Manny V. Pangilinan; Globe Telecom and businessman Ramon S. Ang, president of San Miguel Corporation.
The GMA Network Inc’s owners had rejected the offer made by the group of which include boxing icon Manny Pacquiao who offered to invest in the company, GMA, whose publicly traded shares are valued at about Php23 billion.
Atty. Felipe Gozon, one of the TV network’s three major shareholders, the offer didn’t push through but he did not elaborate further the details of the deal. In an interview with the news media, Atty. Gozon suggested that GMA is worth much more, as he cited the premium placed on transactions when a controlling stake is up for grabs.
Aside from Atty. Felipe Gozon,the other owners of GMA Network are the Duavit and Jimenez families as the owners also agreed to first “increase the value of the company.”