ATV sale talks still going on as major shareholder wrangles over HK$200m
Last-ditch negotiations to save cash-strapped broadcaster ATV from collapse are still in progress, with the sticking point being a difference of HK$200 million between the offer and asking price, it has emerged.
Last-ditch negotiations to save cash-strapped broadcaster ATV from collapse are still in progress, with the sticking point being a difference of HK$200 million between the offer and asking price, it has emerged.
The South China Morning Post learned that, as of yesterday, a Hongkonger was willing to pay HK$500 million for a 52.42 per cent stake from major shareholder Wong Ben-koon, a relative of mainland investor Wong Ching.
But the potential buyer had balked at Wong Ching's insistence on closing the deal at HK$700 million, sources said.
Complicating the picture are different versions of the money wrangling behind the scenes.
Wong was quoted in mainland magazine Caixin yesterday as saying that, because the final saviour available had refused on Saturday to come to ATV's rescue, the free-to-air station's days were numbered and it could go off-air in the next few days.
