Mexico’s Televisa Rebuffed in Takeover Bid for Rival Cable Company

Megacable Holdings SAB rejected an offer by Grupo Televisa SAB, the world’s largest Spanish-language broadcaster, to purchase a 55% stake in the Mexican cable and internet provider, arguing its current business plan offers better prospects. 

Megacable received an unsolicited offer on Nov. 14, it said in a filing to the Mexican stock exchange, confirming an earlier statement from Televisa. The Guadalajara, Mexico-based company said it rejected the offer last week and informed Televisa of its decision on Monday, adding that the business isn’t for sale.