ZEE-Sony merger deal will now be completed easily: know what Invesco has decided

Zee Entertainment can breathe a sigh of relief. Invesco, an American investment group, has abandoned its campaign to remove Zee Entertainment’s top management. Now Invesco is no longer going to take any action in this regard. In addition, the business stated that it will support Zee’s previously announced merger with Japan’s Sony Group.

Decided to withdraw the takeover notice

This comes after the company won its appeal against Zee Entertainment Enterprises in the Bombay High Court (Zee). A day after Invesco Developing Markets Fund (Invesco) decided to withdraw its takeover notice seeking the resignation of Zee’s MD and CEO Puneet Goenka from the board of directors.

About 18% stake in the entertainment company

Invesco, ZEE’s largest shareholder with an approximate 18 percent stake, has restated its support for the proposed merger of ZEE and Sony Pictures Networks India (SPN).

Great potential for Zee shareholders

According to the company, we feel this acquisition has a lot of promise for Zee shareholders. We also expect that the newly combined company’s board of directors will be substantially reformed following the merger’s cancellation, which will help us achieve our goal of enhancing board oversight of the firm. In light of these circumstances and our intention to expedite the transaction, we have decided not to hold the EGM on September 11, 2021, as we had requested.

Demand to remove Goenka and two other directors

In their demand letter, the investor company requested that Zee’s board convene an Extraordinary General Meeting (EGM) of shareholders to vote on the dismissal of Goenka and two other directors, as well as the appointment of six new independent directors.