THE INDIAN UNIT of Japan's Sony Group Corporation has turned down a deadline extension sought by Zee Entertainment for their proposed $10-billion merger that has been in the works for two years now.
On Tuesday, Sony Pictures Networks India (SPNI) said that it had not agreed to a deadline extension that Zee had sought on Sunday, adding that it wanted to hear Zee's proposal to close the merger process instead. The announcement sent Zee's shares tumbling down as much as 4.8% on the BSE, before finally settling at ₹271.65 apiece, down 3.17% versus the previous day's close. It was the day's worst performer on the S&P BSE 100.
"We look forward to hearing Zee's proposals and how they plan to complete the remaining critical closing conditions," SPNI said, adding that Zee's December 17 notice to the BSE and NSE was an acknowledgment that it was unable to meet the December 21, 2023 deadline to close the proposed merger.
Denne historien er fra December 20, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra December 20, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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