MGM Withdraws Uni Bid29 Jul, 2003 By: Hive News
MGM announced it has notified Vivendi Universal it is withdrawing its $11.5 billion all-cash offer for Vivendi Universal Entertainment and is no longer participating in the sale process.
Alex Yemenidjian, chairman and CEO of MGM said, "The VUE assets are attractive and would fit well with MGM. Unfortunately, meeting the seller's current price expectation would not be consistent with our valuation of the assets. MGM is a disciplined buyer, and we will not pursue strategic opportunities, however attractive, unless we can do so on a basis that makes sense for our shareholders. We continue to have a high regard for Vivendi and its management."