Latest GMA Network statement on termination of talks | GMANetwork.com - Corporate - Articles

The statement of the Buyer is not correct. There were at least two documents transmitted on May 9 by the counsel for the Major Shareholders. The Share Purchase Agreement involving the Major Shareholders as participating in the sale with all the terms and conditions agreed upon...

Latest GMA Network statement on termination of talks

June 26 2015



The statement of the Buyer is not correct. There were at least two documents transmitted on May 9 by the counsel for the Major Shareholders. The Share Purchase Agreement involving the Major Shareholders as participating in the sale with all the terms and conditions agreed upon by the Sellers and the Buyer as per acceptance of the latter's remaining position on certain issues by the former on Mar 21. The other document was the Deed of Absolute Sale on the Gozon Group Shares without the other groups participating, document of which was suggested after the RSA and MRJ (Menardo R. Jimenez) discussion. Both transmittals were made by counsel on a without prejudice basis given that on March 26, Buyer already walked away and informed Sellers that he is no longer proceeding with the Transaction on grounds of alleged material changes on the Company which are not valid and not borne by the facts and recent financial reports of the Company.
 
On May 18, Buyer informed the Major  Shareholders that he does not accept the Deed of Absolute Sale, and proposed new matters and terms. On June 22, Major Shareholders informed the Buyer that they do not agree to the new terms, to a renegotiation or to a new round of negotiation and reserved all their rights and remedies. Last Wednesday, the Buyer's counsel provided another reason for not continuing with the Transaction citing the lapse of the Exclusivity Period on November 15, 2014. This was the first time that the Major Shareholders came to hear of this reason. The Buyer, in fact, continued to negotiate beyond the cited exclusivity period even with the awareness that he was free to leave the negotiations at any time since November 15, 2014 if he did consider the period of negotiations to have expired.

Read: GMA Statement on Termination of Talks with Ramon Ang

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