ABS-CBN Corp. and TV5 Network Inc. announced Thursday they “mutually agreed to terminate” their investment agreement after initially deferring the deal to respond to concerns flagged by the National Telecommunications Commission and legislators.
This was disclosed to both the Securities and Exchange Commission and Philippine Stock Exchange.
ABS-CBN was supposed to acquire 6.46 million new primary common shares in TV5 for P2.16 billion. This represents 34.99 percent of the total voting and outstanding capital stock of TV5.
“The parties confirmed that they have not implemented any of the transactions covered by the Investment Agreement and the Convertible Note Agreement,” they added.
In a separate disclosures, Sky Vision , ABS-CBN, Lopez Inc. and Cignal Cable Corp. announced they had also mutually agreed to terminate the sale and purchase agreement dated Aug. 10 covering the proposed acquisition by Cignal of a 38.88-percent equity in Sky Cabe Corp.