Shares of Zee Entertainment Enterprises tanked nearly 8 per cent on Tuesday amid uncertainty over the fate of the USD 10 billion merger between the company and Culver Max Entertainment, formerly Sony Pictures Networks India.
The stock tumbled 12.66 per cent to Rs 242.30 during the day on the BSE. It ended at Rs 256.25 apiece, lower by 7.64 per cent. On the NSE, the stock plunged 13.60 per cent to Rs 240.30 during the day. Shares of the company ended at Rs 255.95 each, down 7.98 per cent.
The company’s market valuation fell by Rs 2,036.3 crore to Rs 24,613.31 crore. In volume terms, 105.74 lakh shares of the company were traded on the BSE and over 15.72 crore shares on the NSE during the day.
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The fate of the USD 10 billion-merger between Zee Entertainment Enterprises and Culver Max Entertainment is hanging by a thread, with the two parties unable to finalise an agreement as the end of the one-month grace period looms.
The two parties are yet to come to an agreement over Zee Entertainment Enterprises Ltd (ZEEL) MD and CEO Punit Goenka leading the merged entity after Sony expressed concerns over market regulator Sebi barring him from holding managerial posts in Zee and any of the entities in a fund-diversion case.
Though the Securities and Exchange Board of India order was stayed by the Securities Appellate Tribunal, Sony is not comfortable with Goenka leading the merged entity due to the stringent corporate governance policy in Japan.
The deal, which was signed between Zee Entertainment and Sony Pictures Networks India in 2021, has a stipulated period of two years in which the merger was to be completed before December 21, 2023, including regulatory and other approvals with a grace period of one month to complete the transaction.
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By January 21, the one-month grace period for extended negotiations will end. Zee Entertainment on Tuesday said it is “committed” to the merger with Sony Pictures Networks India and is working towards a “successful closure” of the transaction that will create the country’s largest media house worth USD 10 billion.
“We wish to reiterate that the company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger,” ZEEL said in a filing to the stock exchanges.
The filing was submitted in response to a clarification sought by the bourses on reports that Sony might call off the deal.
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