Key Points
Mumbai: Zee Entertainment Enterprises has formally written to Culver Max Entertainment, an indirect subsidiary of Sony Group Corp, about extending the good faith negotiations to complete the merger deal but had not received any response from Sony's India subsidiary till late Friday night...
The fact that Sony has not responded to Zee's extension request so far is a sign that they have given up on the deal with less than 24 hours left for the deadline to end," said a person close to the deal...
On December 20, Zee informed the stock exchanges that Sony had agreed to enter into good faith negotiations under the merger cooperation agreement (MCA) to extend the deadline required to make the merger scheme effective..
Sony declined to comment while Zee told the stock markets that the "company is committed to the merger with Sony, is continuing to work towards a successful closure of the proposed merger, and is engaging in good faith negotiations with Sony to discuss the extension of the date required to make the scheme effective by a reasonable time."..
However, Goenka has held on to his stand that the merger deal should be implemented in its original form with him as the MD and CEO," said another person aware of the deal.. (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)..
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