Sony Pictures agrees to discuss merger date extension: Zee Ent
Sony Pictures Networks has agreed to enter into negotiations to discuss a possible extension of the date to complete the merger deal with Zee Entertainment Enterprises.
“The company is in receipt of a communication from CMEPL and BEPL that they will enter into good faith negotiations…with a view to discuss the extension of the date required to make the scheme effective by a reasonable period of time,” Zee Entertainment said in an exchange filing.
The deadline to complete the merger announced 2 years back was December 21.
CMEPL is an indirect wholly-owned subsidiary of Sony Group Corporation (SGC). BEPL is also an indirect wholly-owned subsidiary of SGC and a part of the SGC Group.
Last week, Zee Entertainment had informed that the company has sought an extension from Sony Pictures to complete the merger deal.
«SPNI is required to start those conversations but has not yet agreed to a deadline extension,» Sony Pictures had then said in a statement.
«We look forward to hearing Zee’s proposals and how they plan to complete the remaining critical closing conditions,» it said.
The proposed $10-billion merger of Zee Entertainment and Sony Pictures received regulatory approvals from the Competition Commission of India, bourses NSE and BSE, shareholders and creditors of the company.
In August this year, the Mumbai Bench of the National Company Law Tribunal (NCLT) also gave a go-ahead to the merger of Zee Entertainment and Sony Pictures.
As per the agreements, Zee Ent’s MD & CEO Punit Goenka has to lead the merger entity.
