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Zee Sony merger: Sony Group Corp is unlikely to extend merger negotiations with Zee Entertainment Enterprises Ltd. The termination notice of the proposed $10 billion merger between Sony and Zee is said to have been sent. ....
As part of its ongoing investigation against key management personnel of Zee Entertainment Enterprises Ltd (ZEEL), including CEO and MD Punit Goenka, SEBI has questioned some former directors regarding their steps to protect minority shareholder rights amid the failed Sony merger. ....
A number of domestic and overseas institutional shareholders in ZEEL are also in discussions backchannel to coordinate on future course of action, multiple people involved in the discussions said. Large domestic institutions are also engaging with one proxy advisory firm to explore a common course of action that might be palatable to a broader base of investors. ....
Zee Entertainment Enterprises Ltd (ZEEL) incurred Rs 366.59 crore in compliance expenses for the failed merger with Sony until September 2023. The deal was called off due to a stalemate over leadership and other conditions. Sony Group Corp terminated the USD 10 billion merger, seeking USD 90 million as break-up fees. ....
A formal communication calling off the mega amalgamation, first announced in December 2021, is expected to be sent to the Tokyo exchanges in the next 48 hours. Failure to comply with pre-agreed conditions and failing financial health of Zee were likely key triggers for the termination. ....