"The notice (from Zee) triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline," said SPNI.
SPNI is required to start conversations but has not yet agreed to a deadline extension. SPNI said it looks forward to hearing ZEE’s proposals and the latter plans to complete the remaining critical closing conditions.
Shares of Zee Entertainment Enterprises lost nearly 5 percent in intraday trading on Tuesday following a report by Mint indicating that Sony Pictures is unlikely to extend the timeline for the $10 billion merger of its India Business with Zee.