GMA Network Rises Most in 2 Months on Sale Report: Manila Mover
GMA Network Inc. (GMA7) rose the most in two months in Manila trading after the Philippine Star newspaper said Philippine Long Distance Telephone Co. (TEL) Chairman Manuel Pangilinan offered to buy the broadcaster for 45 billion pesos ($1.1 billion).
GMA advanced 7.7 percent to close at 9.10 pesos, the biggest gain since Feb. 13. The Philippine Stock Exchange Index rose 0.4 percent. Shares of the nation’s largest broadcast company by market value have added 38 percent this year amid speculation that Pangilinan was interested in buying GMA.
Pangilinan offered as much as 45 billion pesos, while owners of GMA are asking for 55 billion pesos, Philippine Star reported April 14, citing people it didn’t identify. GMA will consider purchase offers if the price is right, Chairman Felipe Gozon said in a Feb. 22 interview.
“We are presently not in serious negotiations with the PLDT group as we have not yet received an offer price that is acceptable to us,” Gilberto Duavit, president and chief operating officer of GMA, said in an e-mailed statement today. “The network is not for sale but that is not to say it may not be sold, depending on the offer price.”
A media venture of PLDT called Mediaquest Holdings Inc. came close to buying a controlling stake in GMA in 2001.