Awaiting ZEE's proposals on completing remaining closing conditions of merger: Sony
Sony Pictures Networks India (SPNI) has said that it has not yet agreed to extend the deadline to complete the merger deal with Zee Entertainment Enterprises Limited (ZEEL).
In a statement, the company said it looks forward to hearing ZEE’s proposals and how they plan to complete the remaining critical closing conditions.
“ZEE’s notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the SPNI/ZEE merger," the SPNI statement reads.
It added that the notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline.
«SPNI is required to start those conversations but has not yet agreed to a deadline extension.
We look forward to hearing ZEE’s proposals and how they plan to complete the remaining critical closing conditions,” SPNI said.
On December 17, ZEEL requested Sony Group companies to extend the date for concluding their merger as the December 21 cut-off date looms large.
In a regulatory filing on Sunday, ZEEL said it has requested Sony Group Corporation-owned Culver Max Entertainment Pvt Ltd (CMEPL) and Bangla Entertainment Pvt Ltd (BEPL) “to extend the date required to make the scheme effective as per the terms of the merger cooperation agreement” dated December 22, 2021.
However, the extension of the December 21 deadline has to be taken jointly by the two companies.
The Sony-Zee merger has received all the key approvals, including from the Competition Commission of India, the National Company Law Tribunal, and the stock exchanges.
However, differences between Sony and Zee over the proposed
