Page 7 - Merger And Acquisition

Intense merger activities impacted operations, business: ZEEL Chairman

Intense and prolonged merger-related activities have impacted operations and business, Zee Entertainment Chairman R Gopalan said adding the company has now taken several incremental steps to protect all stakeholders and enhance its intrinsic value through this phase. There is "significant room for performance enhancement" and a revival plan by the management team is already being put in action to accelerate growth and enhance profitability, said Gopalan in the opening remarks of an investor conference call of Zee Entertainment Enterprise Ltd (ZEEL) on Monday. The board has also decided to closely monitor the business model and plan presented by the MD & CEO of the company wherein he has provided the roadmap to improve the performance and efficiency of each of the businesses to achieve higher EBITDA. "We are fully cognizant that significant room for performance enhancement exists and a revival plan by the ZEEL management team is already being put in action to accelerate growth and .

JetBlue, Spirit terminate proposed $3.8 bn merger after court ruling

JetBlue and Spirit Airlines are ending their proposed USD 3.8 billion combination after a court ruling blocked their merger. JetBlue said on Monday that even though both companies still believe in the benefits of a combination, they felt they were unlikely to meet the required closing conditions before the July 24 deadline and mutually agreed that terminating the deal was the best decision for both. The Justice Department sued to block the merger last year, saying it would reduce competition and drive up fares, especially for travelers who depend on low-fare Spirit. In January, a federal district judge in Boston sided with the government and blocked the deal, saying it violated antitrust law. The airlines had appealed the ruling. The appeal hearing had been set for June.

We believe GenAI will create jobs at Bounteous and Accolite: Global CEO

US-based firms join forces, eyeing a $1 billion revenue target and doubling India's headcount

Advent PE begins merger process of Suven Pharma and Cohance Lifesciences

The merged platform will have mid-30s EBITDA margins, 30 per cent Return on Capital Employed (RoCE) and stable cash flow generation over FY20-23, the statement said

Reliance, Disney sign $8.5 bn deal to form JV, to merge media ops in India

Reliance, led by Asia's richest man Mukesh Ambani, will inject $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake

Uday Shankar to be VC of merged Reliance-Disney media business: Report

Reliance and Disney are expected to make a formal announcement on Wednesday after signing a binding pact. Shankar is set to take a stake of around 9% in the new merged entity

M&A deal value in India declines 27% to $136 billion in 2023: Deloitte

M&A deal value in India fell 27 per cent in 2023 to USD 136 billion but the deals market is expected to remain steady in the current year, Deloitte India said in a report on Monday. "Amidst significant global challenges posed by high-interest rates, macroeconomic uncertainty, regulatory scrutiny, and geopolitical risks, India's M&A landscape stood resilient in 2023," 'India M&A Trends 2024' report said. "Despite global economic and geopolitical challenges, India's deals market is expected to remain steady, reflecting strong confidence from businesses and investors amidst a global economic slowdown," it added. In 2024, M&A (Merger and Acquisition) momentum is expected to remain steady with the manufacturing sector, driven by automotive, with deal growth expected in auto-components and Electric Vehicles (EVs). Also, the government's proactive initiatives to promote clean energy are expected to catalyse a significant rise in M&A within the energy sector. M&A in ..

Number of M&A deals in India falls 10% to 793 in 2023, says PwC report

However, the total disclosed deal value for M&A declined much steeper at 38 per cent during the year, according to the report titled 'Deals at a glance'

Sun Pharma to acquire 16.33% stake in Surgimatix for $3.05 million

Sun Pharmaceutical Industries Ltd on Tuesday said it will acquire a 16.33 per cent stake in Surgimatix, Inc, a US-based firm for USD 3.05 million (over Rs 25 crore). Surgimatix is engaged in the business of developing a proprietary soft tissue fixation device for laparoscopic hernia repair and other minimally invasive surgeries. It is yet to commence its commercial operations, Sun Pharmaceutical Industries said in a regulatory filing. The company has entered into an agreement with Surgimatix, Inc under which it has agreed to acquire 16.33 per cent shares of the latter, additionally, with the right to receive warrants equal to 20 per cent of shares purchased, it added. The cost of acquisition is USD 3.05 million, the filing said, adding that the acquisition is expected to be completed by February 2024, subject to fulfilment of certain conditions. Surgimatix was incorporated on November 19, 2007.

Zee Entertainment reaches out to Sony to revive terminated merger

Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a USD 10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its USD 10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee. Comments from Sony Picture Networks India could not be obtained as an e-mailed query remained unanswered. A Zee spokesperson said, Since the matter is subjudice we have no comments to offer. Another source said ZEEL never stopped working for a possible reconciliation dialogue citing that it was ZEEL that moved to NCLT to make the merger happen. The ball is in Sony's court. They need to respond if the deal has to be revived, the source said. The development comes amidst the two parties filing cases again

China's online retailer JD.com versus Elliott in battle for UK's Currys

Currys on Saturday rejected Elliott's possible cash offer of 62 pence per share, a 700 million pounds ($883 million) proposal it said significantly undervalued the company

We will find another opportunity in India post Zee merger collapse: Sony

With the proposed merger of its Indian arm with Zee terminated, Sony will seek various options, including finding another opportunity to replace the plan and organic growth opportunities in India, which has great potential in the long term, according to a top company official. In an earnings call, Hiroki Totoki, president, COO & CFO of Sony said India is a very appealing market where it would continue to invest. "India on a long term basis has a great growth potential. It's a very appealing market. Therefore, we will try to seek various opportunities and if we can find another opportunity that would replace this type of plan," Totoki said when asked about the company's strategy in India after the termination of the proposed merger. On the investment which Sony had committed as part of the deal, he said:"Well, that investment is not going to change a capital allocation or it will not change our behaviour in our investment. So at the moment, we do not have any concrete plans." The ..

Max Healthcare Institute acquires Alexis Hospital at Rs 412 cr valuation

Max Healthcare Institute Ltd on Friday said it has acquired 100 per cent stake in Nagpur-based Alexis Multi-Speciality Hospital Pvt Ltd for an enterprise value of Rs 412 crore. Subsequently, Alexis Multi Speciality Hospital has been renamed as Max Super Speciality Hospital, Nagpur, the company said in a statement. Max Healthcare Chairman and Managing Director Abhay Soi said the successful completion of the acquisition of Alexis Hospital marks "a significant step forward in our growth strategy, allowing us to harness new opportunities, expand our capabilities, and deliver greater value to our patients in this region". Established in 2016, Alexis Hospital provides high-end tertiary care services such as organ transplant, oncology, including radiation, neurology, cardiology, gastroenterology and diagnostics facilities under one roof, the statement said. The acquisition is part of Max Healthcare's strategy to expand in Western and Central India.

Max Healthcare to acquire Nagpur-based Alexis Hospital for Rs 412 rore

Max Healthcare added that the bed capacity can be expanded to 340 beds in view of the availability of the floor area ratio for the given land and the strength of the existing structure

Can go to NCLT to enforce Sony merger deal after SIAC rejects petition: Zee

Sony scrapped the merger on Jan. 22, ending a deal that could have created one of India's biggest TV broadcasters, claiming breaches of contract

Reliance, Bodhi Tree set for 60% stake in Disney India merger: Report

The valuation of Disney's India unit is sharply lower than the $15-$16 billion estimated when Disney acquired it in 2019

Media mogul Byron Allen'slatest takeover attempt: Paramount for $14 bn

Allen offered $28.58 each for the voting shares of Paramount, a 50% premium to recent trading, and $21.53 for the non-voting shares, according to people familiar with his terms

India's M&A thrives: Sustains growth amid global economic slowdown

Mid-market acquirers shine, capturing almost 50% of deals in 2023, says Bain & Company's global M&A report

Sony scrapped $10 bn merger as Zee failed to meet financial terms: Report

India's Zee denied the allegations in a letter to Sony, also reviewed by Reuters, and accused the Japanese company of "bad faith" in calling off the merger

HDFC Bank sees period of consolidation as it absorbs mega merger: Report

The lender's quarterly earnings last week prompted a sharp 15% decline in the stock, even as its profit beat expectations, as analysts raised concerns about lending margins