MANILA – Businessman Manny Pangilinan will pay in cash once his group buys GMA Network Inc.

In a briefing, Pangilinan, Philippine Long Distance Telephone Co. chairman, said talks with GMA Network was “on-going” but declined to give a time-table on when these talks would be concluded.

“Should we exceed, as we’re likely to exceed the 35 percent trigger point for the offer, then it will require us an offer on the same term to the minorities. So the answer is yes, we have to make a cash offer to the minorities,” he said.

Earlier reports said the three major shareholders of GMA Network, namely the Gozons, Jimenezes and Duavits, have set a P60-billion asking price.

Pangilinan, however, remains mum on how much the offer is.

He remains positive that he will close a deal with GMA Network’s controlling stakeholders.

“Ultimately it depends on the three families to decide on whom they want to sell. They have the right to decide to whom to sell,” he said.*PNA

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