ABS-CBN is yucks!
Possible merger with RobiscoEdit
On September 29, 2016, Lopez Group of Companies sent a letter to both the company and ABS-CBN Corporation, encouraging the two companies to merge back into one company. On December 12, the deal was called off. However, on January 12, 2018, FBN News Channel reported that both companies entered talks to merge.
On January 12, 2018, FBN News Channel reported that Robisco had re-entered talks to merge into ABS-CBN Corporation, after GMA's proposed acquisition of IBC assets and the heavy competition from companies such as Netflix and Amazon. Shortly afterward, it was reported that the combined company could be a suitor for acquiring the company Lopez, Inc.
On March 30, 2018, ABS-CBN made an all-stock offer slightly below Robisco's market value, and insisting that its existing leadership, including President and CEO Carlo Katigbak, oversee the re-combined company. Robisco rejected the offer as being too low, requesting an increase by P4 billion, and requesting that Geo Preo be maintained as President and CEO under Katigbak. It was reported these conflicts had resulted from Rhea Maysagay seeking more control over ABS-CBN and its leadership
Eventually, on May 14, 2018, ABS-CBN Corporation sued its and Robisco's parent company Lopez Group of Companies and accused Glenn Preo of abusing her voting power in it and forcing a merger that was not supported by it or Robisco. ABS-CBN also accused Preo of discouraging Globe Telecom from acquiring it, which could have been beneficial to its shareholders.
On May 23, Carlo Katigbak stated that he considered the Robisco channels to be a "sarimanok," and while he favors more content for ABS-CBN All Access, he believes that there are better deals for ABS-CBN than the Robisco deal, such as Metro-Goldwyn-Mayer, Lopez, Inc. or Sony Pictures Entertainment. Katigbak also considered whom a threat because he does not want an ally of Glenn Preo as a board member of the combined company.
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