Sony Pictures Networks India Private (SPNI) 2020 deadline, adding that if an agreement could not be reached, either of them could terminate the contracts by giving written notice.
“The merger was not closed on the completion date because, among other things, the closing conditions had not been met by then,” Sony defends in the notification sent to Zee, where it assures that SPNI has participated in good faith conversations to extend the completion date, but that discussion period expired without an agreement.
In response to the notification, the Indian company has reported that Sony subsidiaries are requesting a termination fee of $90 million (€82.5 million) for alleged breaches by Zee of the terms of the merger agreement. and cooperation. (MCA) reached in 2021, in addition to requesting arbitration against the company and the application of provisional emergency measures against Zee.
Zee’s response
“The company categorically refutes all claims and assertions made by Culver Max and BEPL regarding alleged breaches of the MCA by ZEEL, including its claims for the termination fee, and reserves all its rights in this matter,” it has informed, adding that it will take all necessary measures to save the long-term interests of its stakeholders, including taking appropriate legal action and challenging the claims of Culver Max and BEPL in the arbitration procedure.
No impact for Sony
Sony does not anticipate any material impact on its consolidated financial results as a result of the termination of the definitive merger agreements.
