Zee is expected to convey its decision to Sony within the next 24-48 hours regarding its willingness to accept the terms and conditions of the proposed merger.
Recommendation: Buy; Target Price: Rs 396
The proposed merger between the Indian media company and Culver Max Entertainment, the local division of Sony Group Corp. in Japan, may have accelerated as a result of the SAT's verdict (Sony Pictures).
The NCLAT postponed the case until October 31 and noted that ZEEL could submit a response if necessary.
The surge in share price coincided with the release of the Shah Rukh Khan starrer film "Jawan" in theaters
The Mumbai Bench of the NCLT approved Zee's $10 billion merger with Culver Max on August 10
Several operational and financial creditors submitted objections to the NCLT for the Zee-Sony merger scheme.
The NCLT had reserved its decision on the merger between Zee Entertainment Enterprises and Culver Max Entertainment
Recommendation: Add; Target Price: Rs 252
Due to decreased revenue from Covid, the PVR-INOX merger was below the threshold limit of CCI to investigate such transactions.
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