Still fuming over losing the bidding war for Univision, Mexican giant Grupo Televisa said it is studying a rival offer for the Spanish-language network.
In a conference call yesterday, Televisa’s Executive Vice President Alfonso de Angoitia said he won’t join the winning bidders and a rival offer for Univision is “one of the alternatives” being considered.
Last month, a group of private equity firms including Thomas H. Lee Partners, Texas Pacific Group, Madison Dearborn Partners, Providence Equity Partners and media mogul Haim Saban struck a deal to acquire Univision for $36.25 a share, or $13.7 billion including debt.
The deal allows Televisa to roll over its existing 11.4 percent stake in Univision and possibly acquire more, but the deadline for that has passed.
Because of foreign ownership rules, Televisa can only own 25 percent of a U.S. network and a rival bid would have to be financed with U.S.-based capital.
Televisa would also have to bid at least $38.50 and pay a $300 million break-up fee to win over Univision’s board, according to insiders.
Televisa’s demand for operational control of Univision, including a say in naming a new CEO, has soured its negotiations with the winners, according to insiders.