P60-B GMA Network Price Tag Not Worth the Price According to Manny Pangilinan

"Too expensive." describes TV5 Chairman Manuel V. Pangilinan of the P60-billion price tag sought for rival GMA Network Inc.

MVP also downplays the possibility of his group to shell out double of what's GMA Network's market value now for full ownership of the broadcast company.

At the close of trading on Monday, listed GMA Network shares were priced at P9.40 each, valuing the company at P31.929 billion.

Pangilinan was supposed to have offered P45 billion for GMA Network, but the three families controlling the broadcast firm - the Duavits, Gozons, and Jimenezes - would sell for at least P60 billion.

Gilberto Duavit Jr., GMA Network president, said in a press release that they "are presently not in serious negotiations with the PLDT group as we have not yet received an offer price that is acceptable to us."

- Source