GMA Network: Buy-in deal must be closed within ‘reasonable time’

GMA Network Inc. on Friday said it did not give businessman Ramon Ang any deadline to acquire a minority stake in the network, but a decision should have been made within a “reasonable time.”

In a statement released to the media, Angela Javier Cruz, GMA Network vice president for Corporate Communications said:  “The major shareholders of GMA Network (the Jimenez, Duavit and Gozon Groups o) 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.