Breaking ZEEL and Sony merger approved by ZEEL board; definitive agreements signed

[Shivub]

The announcement of the non-binding merger pact on Wednesday underlines Invesco’s case for change, it said in a September 23 note to the ZEE board. Invesco said it had first sought an EGM to discuss the matter of directors on September 11.


“Your disclosure of 22 September 2021 is symptomatic of the erratic manner in which important and serious decisions have been handled at the company,” Invesco said in the letter, which ET has seen. “Precisely to protect shareholder value and in the exercise of our statutory rights as an ordinary shareholder, we have called upon the company to hold an EGM, and it is your duty under company law to now do so.”

Twists in Sony-ZEE Merger saga; Invesco stands firm over removal of Punit Goenka

The announcement of the non-binding merger pact on Wednesday underlines Invescos case for change, it said in a September 23 note to the ZEE board. Invesco said it had first sought an EGM to discuss the matter of directors on September 11.

m.economictimes.com

 

[Aksgr]

The announcement of the non-binding merger pact on Wednesday underlines Invesco’s case for change, it said in a September 23 note to the ZEE board. Invesco said it had first sought an EGM to discuss the matter of directors on September 11.


“Your disclosure of 22 September 2021 is symptomatic of the erratic manner in which important and serious decisions have been handled at the company,” Invesco said in the letter, which ET has seen. “Precisely to protect shareholder value and in the exercise of our statutory rights as an ordinary shareholder, we have called upon the company to hold an EGM, and it is your duty under company law to now do so.”

Twists in Sony-ZEE Merger saga; Invesco stands firm over removal of Punit Goenka

The announcement of the non-binding merger pact on Wednesday underlines Invescos case for change, it said in a September 23 note to the ZEE board. Invesco said it had first sought an EGM to discuss the matter of directors on September 11.

m.economictimes.com

Invesco's whole intention will be ignored in this merge. The merge has said that the family can increase their share well up to 20%.

 

[rahul1117kumar]

https://twitter.com/x/status/1441775820662403084

Source

 

[Aksgr]

https://twitter.com/x/status/1441775820662403084

Source

This is wrong. Giving power to essel family is not right. Sony must wait and not listen to the family. ZEEL needed INVESCo's help when zee was sinking now they don't even care about their decision. Sony must not accept Punit as CEO of Zee not even for a year.

 

[rahul1117kumar]

Invesco still wants the board to call the EGM and remove Mr. Punit Goenka from the posts of MD and CEO of Zee. Seems like Invesco is not against the Zee sony merger though. What an exciting time for shareholder activism. Curious to see how this unfolds! Fingers crossed

 

[Aksgr]

Invesco still wants the board to call the EGM and remove Mr. Punit Goenka from the posts of MD and CEO of Zee. Seems like Invesco is not against the Zee sony merger though. What an exciting time for shareholder activism. Curious to see how this unfolds! Fingers crossed

OK let me tell what I feel.
Zee and Sony merge is not planned. Although zee and Sony were in talks.

The first thing is the recent EGM which happened. Invesco and others came into decision of removing Punit goenka from CEO post. During this meet no mention about Sony is done. Even though many paper reported he laughed for Sony sab TMKOC .

After removal decision taken within days Zee announces merge with Sony that to not acquisition but just mutual understanding. Which per me is hurriedly proposed.
If that's not pulling . Zee gives Sony the power to choose the board management including CEO, which was with Invesco before thereby stiffening his position.

For me this looks like a master stroke by punit.
Well this is my analysis.

 

[hike]

This CEO clash is not ending soon, and it will cost SPN loosing upcoming IPL rights war.

 

[Stvnn]

Basically Punit Goenka wanted to be on safer side

 

[stiwari]

Basically Punit Goenka wanted to be on safer side

Why Goenka not want to leave as he has made Zee that big read here Builder behind the scenes: Meet Punit Goenka, MD & CEO, Zee Entertainment

 

[Raju lal]

Surely, ZEE + Sony merger gives further fuel to fire about Ambani buying out the leftover 49% stake in Viacom18 from CBS by the end of this fiscal year. They're on a wild spree in the sports broadcasting space, buying out every major tournament that goes to the hammer.

For Reliance it will be a high risk process as well as a complicated issue.To Buy complete stakes they have to spend a big amount. Then avoiding an International partnership results leaving of International contents, Sports, all other rights they owned from Viacom CBS. Reliance alone have to spend money for buying stakes, buying foreign content rights, upcoming sports rights in India etc. Current partnership is better than this.