Invesco Had Approached Punit Goenka With Proposed Merger With 'Certain Firms', Says ZEEL

www.outlookindia.com
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fairly difficult
In the continuing battle between the promoter family and Invesco, ZEEL said its Managing Director and CEO Punit Goenka has informed its board about a proposal made by Invesco about the merger.
Zee Entertainment Enterprises Ltd (ZEEL) said Invesco, its single largest shareholder, had itself come with a proposal in February this year for a merger of the company with certain entities owned by a large Indian group (Strategic Group) with inflated valuation "by at least Rs 10,000 crore".

In the continuing battle between the promoter family and Invesco, ZEEL said its Managing Director and CEO Punit Goenka has informed its board about a proposal made by Invesco about the merger, under which Strategic Group would hold majority stake but he was offered to be appointed as MD and CEO of the merged entity besides offering 4 per cent stake.

In a regulatory filing, ZEEL alleged that Invesco's stance in their open letter that they "will firmly oppose any strategic deal structure that unfairly rewards select shareholders, such as the promoter family, at the expense of ordinary shareholders" runs contrary to the very deal Invesco was proposing itself a few months ago.

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"Accordingly, public securities markets have been misinformed by Invesco," it said.

Comments from Invesco could not be immediately obtained.

Without naming the group, Zee Entertainment said a deal was presented by…
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