The merger between Sony and Zee Group is now on the verge of completion. Quoting Bloomberg report, it is reported that Sony Group Corp. has sent a termination letter to officially end the merger process with Zee Group.
Merger talks over!
The merger talks that have been going on for two years, after many controversies and debates, finally seem to be coming to an end. Japan’s Sony Group has sent a termination letter to Zee on Monday. People with knowledge of the matter have told Bloomberg that later information about this letter will be given to the exchange and information will be given to end the merger.
Earlier, news had come that Sony had called a board meeting to decide on the $10 billion merger between Zee and Sony. However, Ji said that he had no information about this. Till last week, there were media reports that Sony may pass a resolution to end the ‘good faith discussions’, that is, the merger will be canceled if Zee’s Managing Director and CEO Puneet Goenka does not agree that he will not hold his current position in the company formed after the merger.
The merger deal was to be completed by December 21.
This merger deal was to be completed by 21 December 2023. According to the agreement, extension can be taken three times. Zee had asked for an extension in December. After this, news came that Sony has agreed to extend the date of merger. Actually, the issue was on who would lead the new company. According to the master plan, Punit Goenka was to become the managing director of the new entity. But in June 2023, SEBI had banned Punit Goenka and Subhash Chandra from becoming board members of any company.
