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Quote:
"We have no option but to withdraw immediately our fully negotiated and financed proposal."
Press Release


Steve
 

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Accoring to the New York Times this morning, G.M.'s board of directors' decision yesterday not to decide was for 48 hours. (Maybe this point came out yesterday, but I hadn't seen it.) Call me a Pollyanna if you will, but I see at least three issues regarding this development:


1> with CharlieTV finally having verified financing to present that technically met G.M.'s demands, G.M. was effectively forced to at least take time to study the offer. I say "forced" because a decision yesterday in favor of EmpireRupe would surely have resulted in Charlie burning the telephone lines to his legal team to file suit regarding bad faith negotiating on G.M.'s part;


2> yes, EmpireRupe followed through on its "threat" to withdraw its offer if a decision wasn't forthcoming yesterday. But, who's to say they're not busy today revising to a new offer for tomorrow's board meeting? Does anyone seriously believe that EmpireRupe got to where they are by behaving as a petulent child in the face of disappointment?


3> G.M.'s in the driver's seat. They can now play head games with both suitors if they feel it's to their advantage, though, this strategy is inherently risky if taken too far at this stage.


Personally I don't see the third possibility as a real factor in all this. I'll stick my neck out with my personal prediction that tomorrow will be a real good day for EmpireRupe, and CharlieTV will retire to the wilds of Colorado to lick its wounds.
 

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It seems that for the moment at least, Charlie has won (at least according to the WSJ). We will see if it clears the anti-trust hurdles.


/carmi
 

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Echostar's offer was accepted by GM/Hughes. Charles Ergen will be the CEO of the new company, if the deal actually goes through.


The service will still be called DirecTV (DISH Network will cease to exist).
 
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