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Formosa Plastics to acquire GTV
Taiwan News, Staff Writer
2014-04-29 10:33 AM
The Formosa Plastics Group announced investment in the Gala Television Corporation (GTV) but stressed it is waiting on regulatory authority approval. This is another attempt on the part of Formosa Plastics to invest in the media industry after backing out of an acquisition of Next Media last year.

Formosa Plastic once held a 23% stake in GTV acquired in 2002 for NT$400 million. This time, GTV majority shareholder EQT Partners is looking to divest itself of GTV interests with Formosa Plastics as a potential buyer.

Formosa Plastics announced Monday that its investment subsidiary will acquire GTV shares but stressed the deal must first receive approval from the National Communications Commission and Investment Commission, MOEA.

It is rumored that four or five buyers were interested in acquiring GTV with Formosa Plastics emerging as the frontrunner with a NT$6 billion offer. However, neither GTV president Lin Poa-chuan nor Formosa Plastics were willing to reveal the details of the transaction.

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