ZEE reaffirms its commitment to closing merger with Sony as deadline passes
ZEE Entertainment Enterprises Limited (ZEEL) has reaffirmed its commitment to close its merger with Sony.
Shares of ZEEL jumped over 3% on Saturday after the company said it was working towards the merger closure.
In an exchange filing, ZEEL said, “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 and is engaging in good faith negotiations with Sony with a view to discuss the extension of the date required to make the Scheme effective, by a reasonable period of time.”
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On Friday, ZEEL said it was unaware about Sony’s board meeting, which was held on Friday. “We would like to clarify that the company is not aware of, and cannot comment on, any board meeting held or proposed to be held by Culver Max Entertainment Private Limited, given that these are internal matters of Sony.”
A decision on the merger is expected imminently.
