Di Stefano withdraws bid for MGM

Giovanni Di Stefano has officially withdrawn his $ 750 million bid for Metro-Goldwyn-Mayer until elections in France are over, according to a news release issued yesterday from Belgrade.

Sandhurst Assets Inc. will “not pursue this acquisition,” per the release, which quoted the chairman/CEO: “After raising all the monies and disclosing the source of such I have not received the correct response for CLBN (MGM owner Credit Lyonnais Bank Nederlands) and I believe that this is solely due to the political sensativity of the MGM file in general.”

And MGM spokesman said: “No one has ever taken Di Stefano or his bid seriously. This has nothing to do with the elections in France. It has everything to do with his credibility or lack thereof. The bank never officially responded (to the bid): They never wanted to dignify the bid with a response.”

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