Extremely disappointed that merger closing conditions were not satisfied by end date: Sony
Zee Entertainment Enterprises Limited (ZEEL) terminating the agreement dated December 22, 2021, to merge ZEEL and CME.
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View Details»It is pertinent to note that ZEEL had requested Sony to extend the one-month good faith negotiation period, which ended on January 21, by a reasonable period.
«Although we engaged in good faith discussions to extend the end date under the merger cooperation agreement, we were unable to agree upon an extension by the January 21 deadline,» Sony Pictures Entertainment said in a statement.
«After more than two years of negotiations, we are extremely disappointed that closing conditions to the merger were not satisfied by the end date,» it added.
SPE said it remains committed to growing its presence in this vibrant and fast-growing market and delivering world-class entertainment to Indian audiences.
Earlier, Sony Group Corporation, in a filing to the Tokyo Stock Exchange, said CME today issued a notice terminating the definitive agreements entered into by SPNI and ZEEL.
According to Sony, the definitive agreements provided that if the merger did not close within 24 months after their signature date (the end date), the parties would be required to discuss in good faith an extension of the end date required to make the merger effective by a reasonable period.
Sony added that the definitive agreements further provided that if the parties are unable to agree upon such an extension by the end of the discussion period, any party could terminate the definitive agreements by providing written notice.
«The merger did not close by the end date as, among other things, the closing conditions to the merger were not satisfied by
