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

  • Televisa said it offered 19% premium and a special dividend
  • Megacable responded by saying the company isn’t for sale
Grupo Televisa Locations As Pay TV Boosts Profit 31 Percent

Photographer: Susana Gonzalez/Bloomberg

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.