Carlyle Group, Eastern TV and Taiwan Optical Platform Co have been asked to meet next week at the National Communications Commission (NCC) to answer commissioners’ questions about Taiwan Optical’s proposed acquisition of Eastern Broadcasting Co (EBC).
NCC spokesperson Wong Po-tsung (翁柏宗) said that Taiwan Optical was asked how the acquisition would facilitate the healthy development of the nation’s communications industry, how it plans to preserve the diversity of public opinion, how it plans to enrich EBC’s content and how its financial plan ensures the sustainable development of the network.
“We have received Taiwan Optical’s responses to these questions and want to clarify the facts presented to us,” Wong said.
Taiwan Optical failed to provide specifics when answering some of the questions, such as how it plans to promote the nation’s culture through Eastern TV’s programs and whether it is qualified to operate the network, Wong said, adding that commissioners hope to get clearer answers by personally interviewing the three firms’ management.
Carlyle owns a 61 percent stake of EBC and Eastern Media International Corp owns 35 percent, while EBC employees hold the remaining 4 percent.
Eastern Media International is a subsidiary of Eastern Multimedia Group, whose chairman, Gary Wang (王令麟), on Wednesday sought a provisional injunction from the Taipei District Court in a bid to prevent Carlyle from selling EBC to Taiwan Optical.
Wang’s attorney, Andrew Hsu (許兆慶), said that as the deal was not concluded within six months, based on the terms of their contract, Carlyle should solicit an offer from Wang, who has the right of first offer.
Wang’s offer to purchase Carlyle’s stake in EBC was significantly greater than Taiwan Optical’s offer, he added.
Wang on March 21 informed Carlyle that it had breached its contract with him, Hsu said, adding that Wang had exercised his right of first offer.
In a bid to ensure that Wang would not suffer any irreparable damage if Carlyle sells its stake to Taiwan Optical, he filed the injunction to prevent the deal from being completed, Hsu said.
At a public hearing earlier this year, Carlyle said that Wang has the right of first offer, but does not have the right of first refusal.
Having the right of first offer requires a seller to inform in advance the other party of a contract about the number of shares it intends to sell, inviting them to offer a price, a Carlyle representative said.
The seller can decide if it wants to accept such an offer, or reject it and sell the shares to a third party, provided that the third party offers more, the representative added.
Wang had 30 days to make a bid after receiving notification of Carlyle’s intent to sell its shares to Taiwan Optical in August last year, Carlyle said, but it did not receive Wang’s offer before the period expired.
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