Invesco could call off ZEE EGM: InGovern
In a series of tweets, the proxy advisor firm InGovern lauded 'the coming of age of shareholder activism' which pushed the company to a merger
As the ZEE-Sony merger talks gain steam, Invesco could call off its proposed extraordinary general meeting (EGM) says proxy advisor firm InGovern. In a series of tweets, the firm said that with "White Knight" Sony as a majority shareholder, and a likely reconstituted board, the merged entity may be just what Invesco could have hoped for.
Sony comes in as a white knight for ZEE. Nothing wrong in 2 companies proposing a merger as CEOs can initiate merger discussions and then approach shareholders for vote.
Invesco did not have alternate plan and hence, it would be surprising if it is not supportive of this merger.— InGovern Research (@InGovern) September 22, 2021
The new merged entity is proposed to be helmed by Punit Goenka as its MD and CEO. Since Invesco never had an issue with Goenka's capabilities at ZEE as MD, it's unlikely that the investor will have any problem with the new Sony-Zee entity, noted InGovern.
Lauding shareholder activism in India Inc, InGovern tweeted that it's the first time in the country we are witnessing activism where a fund triggered and action, pushing the company into a merger.
The ZEEL Board of Directors today signed approval for the merger between SPNI and ZEEL. The two companies will execute a non-binding term sheet for the merger between the two companies and infusion of growth capital by the promoters of Sony India into Sony India as part of the merger. The company and Sony India have agreed to a binding exclusivity for a period of 90 days from the date of the Term sheet.
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