Univision auction fit for movie of the week

Univision's board of directors apparently would rather take less than be bought out by rival Grupo Televisa, well at least that's what the Televisa folks are claiming and they are crying over it too. "Notwithstanding our repeated offers to discuss all aspects of our proposal including price, Univision and its advisers refused to enter into any discussions with us after we submitted our initial bid," Televisa said. "Given this action by Univision's board, Televisa has a number of alternatives it is considering." What Televisa will do next is unclear, but inside the company the anger is boiling. Televisa, the Mexican media giant that provides most of Univision's most popular programming, has had a decade-long public feud with Univision's chairman, A. Jerrold Perenchio. Among the possible steps Televisa discussed yesterday was suing Univision, arguing that the board breached its fiduciary duty to shareholders by not engaging in further negotiations. Clearly this is going to be one of the most controversial deals ever. Expect lawsuits to block the actual takeover by the winning bidders. Televisa knows that such moves won't change anything but they are going to spend some money to fuck with the process as best as they can. read....