Zee clarifies company not involved in any negotiations with Sony over deal
Zee Entertainment Enterprises on Tuesday clarified that it has not indulged in any negotiations with Sony over the merger deal, the company said in an exchange filing.
It said, «We would like to clarify that the company has not involved in any negotiations, or any other event as stated in the above-mentioned article, and we categorically confirm that the abovementioned news item is factually incorrect.»
«We wish to clarify that the company is not aware of any information that has not been announced to the exchanges which could explain the aforesaid movement in the trading, and we are not in a position to determine the material impact of the above-mentioned article on the company,» it further stated.
Re-engaged in talks
Earlier, ET had reported that Zee Entertainment Enterprises (ZEEL) has re-engaged with Sony Group Corp in a last-ditch attempt to revive their $10-billion merger, which had been officially called off on January 22.
Representatives from the two sides have held meetings across locations in Mumbai and efforts to salvage the deal have gathered momentum over the last fortnight. However, major differences are yet to be sorted out, and that could yet lead to the failure of the renewed talks, with both sides sticking firmly to their positions, as per executives aware of the matter.
Legal Tussles
Following the termination of deal talks late last month, Mad Man Film Ventures, which Sony has called a proxy for Zee, moved the NCLT seeking implementation of the merger scheme between Sony and ZEEL. Sony’s
