Wednesday April 12, 6:05 pm Eastern Time
Gemstar and TV Guide say deal still on
PASADENA, Calif., April 12 (Reuters) - Gemstar International Group Ltd (NasdaqNM:GMST - news) and TV Guide Inc. (NasdaqNM:TVGIA - news) said on Wednesday their merger process was on track and still expected to close by the second quarter of this year.
Concerns about potential antitrust problems have been circulating on Wall Street, triggering rumours that the estimated $9.2 billion stock deal could collapse.
Furthermore, Gemstar stock, which was trading around 85 when the deal was announced in October, is now at 47.
``We have been working with the Justice Department to provide them with the requested information, and we have received no indications that our previously estimated time of closing in the second quarter this year needs to be revised,' said Henry Yuen, chairman and chief executive of Gemstar.
``Although we don't comment on rumours as a matter of policy, we felt compelled to set the record straight that the concerns expressed over our merger are totally unfounded, and that we are not aware of any other reasons accounting for the activities in our stocks,' said Peter Boylan, president and chief operating officer of TV Guide Inc.
Gemstar is a maker of online television guides. TV Guide is a diversified media company that operates four primary business units: TV Guide Television Group, TV Guide Interactive Group, TV Guide Magazine Group, and United Video Group.
biz.yahoo.com
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Don |
