GMA Network Statement on termination of talks with Ramon Ang | GMANetwork.com - Corporate - Articles

The major shareholders of GMA Network (the Jimenez, Duavit and Gozon Groups of stockholders) wish to clarify that - contrary to the misimpression that may have been created  that they abruptly terminated the negotiations for the purchase by Mr. Ramon S. Ang (RSA) of part of their shares in the network - they were constrained to terminate the negotiation...

GMA Network Statement on termination of talks with Ramon Ang

June 26 2015



The major shareholders of GMA Network (the Jimenez, Duavit and Gozon Groups of stockholders) wish to clarify that - contrary to the misimpression that may have been created  that they abruptly terminated the negotiations for the purchase by Mr. Ramon S. Ang (RSA) of part of their shares in the network - they were constrained to terminate the negotiations only after (a) more than one (1) year of negotiations, (b) they had accepted on March 21, 2015, all the remaining proposals of RSA as of February 27, 2015, (c) RSA continued to make new/additional proposals and/or make new requirements after the sellers had already accepted all of the proposals of RSA on March 21, 2015, and (d) after the statements of Mr. Gozon during the Company's financial briefing on May 14, 2015 were widely published in the broadsheets that "the ball is now in RSA's court", that there was no deadline given but decision should be made within a "reasonable time."
 
- Angela Javier Cruz, GMA Network Vice President for Corporate Communications

Read: Latest GMA Network statement on termination of talks
 
Read: GMA Network chairman gives latest update on talks with Ramon Ang to employees
 
Read: GMA Network reports 25 percent increase in Q1 2015 net income

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