HMTV - Hemisphere Media gains after disclosing offers above $7/share takeout

Hemisphere Media Group (NASDAQ:HMTV) rose 6.3% in premarket trading after the Spanish language broadcaster disclosed that it received offers above the $7/share deal it agreed to with Searchlight Capital Partners early last month. HMTV received a takeover offer for $9/share on June 3 from undisclosed Company E and it received an offer of $8/share from undisclosed Company F on June 7, according to a proxy filing. As of the date of the proxy, which is dated Monday, Hemisphere's (HMTV) advisors held initial conversations with representatives of Company E and Company F. HMTV said there can be no assurance that the talks will lead to a superior proposal. HMTV announced last month it was being sold to unit of Gato Investments LP, a portfolio investment of Searchlight Capital. Concurrently with the Gato deal, HMTV entered into a separate agreement to sell Pantaya, the Spanish language streaming platform in the U.S. to TelevisaUnivision. The higher offers come

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Hemisphere Media gains after disclosing offers above $7/share takeout