Zee Ent Shares Plunge 3% Amid Merger Delay
Dec 19, 2023 17:23
Zee Entertainment shares fell over 3% on Tuesday after Sony Pictures Networks India said it hasn't agreed to an extension for their merger deadline.
Photograph: Dado Ruvic/Reuters
New Delhi, Dec 19 (PTI) Shares of Zee Entertainment fell over 3 per cent on Tuesday on a day when Sony Pictures Networks India said it has not yet agreed to a deadline extension requested by ZEEL for their merger.
The stock declined 3.17 per cent to settle at Rs 271.65 on the BSE. During the day, it fell 4.74 per cent to Rs 267.25.
At the NSE, the stock dropped 3.23 per cent to Rs 271.70.
Sony Pictures Networks India on Tuesday said it has not yet agreed to a deadline extension requested by Zee Entertainment Enterprises Ltd (ZEEL) for their merger, and is looking forward to know how the latter planned to complete the remaining critical closing conditions.
In a statement, Sony Pictures Networks India (SPNI) said ZEE's notice to the BSE and the National Stock Exchange dated December 17, seeking an extension of the merger deadline is "an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the SPNI/ZEE merger".
The notice triggers an existing contractual provision in the deal that allows for both parties to discuss the possibility of extending the deadline, it added.
"SPNI is required to start those conversations but has not yet agreed to a deadline extension," the company said.
It further said, "We look forward to hearing ZEE's proposals and how they plan to complete the remaining critical closing conditions.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.