Zee Entertainment Enterprises Ltd. (ZEEL) and Indian units of Japan’s Sony Group will discuss an extension of merger deadline, ZEEL said in a filing to the stock exchanges on Wednesday.
“The Company [ZEEL] is now in receipt of a communication from CMEPL (Culver Max Entertainment Private Ltd., formerly known as Sony Pictures Networks India Private Ltd.) (CMEPL) and BEPL (Bangla Entertainment Private Ltd.) that they will enter into good faith negotiations as required under the Merger Cooperation Agreement (MCA) entered amongst the parties with a view to discuss the extension of the date required to make the scheme effective by a reasonable period of time,” ZEEL said in the filing.
Ahead of the merger deadline of December 21, ZEEL had sought an extension. The deal, first announced two years back with an aim to create a $10 billion media and entertainment conglomerate, has been lingering due to regulatory and other hurdles.
ZEEL shares extended their decline for a second session on Wednesday, sliding 7.31% on the BSE to close at ₹251.80.