Page 2 - Mergers

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.

Working towards successful closure of merger with Sony: Zee Entertainment

Zee Entertainment Enterprises Ltd (ZEEL) on Friday said it is continuing to work towards a successful closure of its USD 10 billion merger with Culver Max Entertainment, formerly known as Sony Pictures Networks India, amid reports that the Japanese entity's board meeting to take a call on the fate of the protracted deal. In a regulatory filing, ZEEL said it was "not aware of, and cannot comment on" any board meeting held or proposed to be held by Culver Max Entertainment, given that these are internal matters of Sony. "We wish to reiterate that the Company is committed to the merger with Sony and is continuing to work towards a successful closure of the proposed merger and is engaging in good faith negotiations with Sony with a view to discuss the extension of the date required to make the Scheme effective, by a reasonable period of time," it said. The fate of the USD 10 billion merger between ZEEL and Culver Max Entertainment is hanging by a slim thread with the two parties yet to

Global corporate landscape 2023: Mergers, closures, and leadership shifts

From acquisitions & mergers to resignations 2023 has been a year of significant milestones in the global corporate world. Here is a recap on all the major event that unfolded in 2023

Sony-Zee merger may be finalised by November despite appeals from banks

IDBI Bank and Axis Finance have both filed pleas National Company Law Appellate Tribunal (NCLAT) challenging the merger

Hotels to steel: India Inc unlocks subsidiaries' value with mergers, splits

Combined value of deals reaches $32.9 bn in Q3 CY2023, the highest quarterly total since Q2 CY2022

ZEEL, NDTV: Will Zee Entertainment turn multi-bagger post NCLT clearance?

Zee Entertainment hits fresh 52-week high post approval by NCLT

HDFC twins' merger may take effect July 1; boards to meet on June 30

HDFC shares will not be traded after July 13

A merger that could bring instability

The situation in Telangana continues to be fluid, and it remains to be seen which party, the BJP or Sharmila with Congress, will be able to harness the anti-incumbent sentiment

NCLAT to hear Zee Entertainment's plea challenging NCLT order today

NCLT had directed Indian bourses to reconsider their prior approvals for the merger of ZEEL and Culver Max Entertainment, formerly called Sony Pictures India

Law ministry allows CCI to clear pending mergers without full quorum

16 applications pending; corporate affairs ministry studying proposal, say sources

Govt exploring legal options on pending CCI approval of 16 mergers

Seeks solutions within statutory framework of Competition Act to speed up approvals

Quibbles of a media reporter

Cinema is the core of India's creative ecosystem feeding TV, OTT, advertising, music and several other businesses

Ramkrishna Forgings to acquire up to 51% stake in TSUYO Manufacturing

Ramkrishna Forgings on Thursday said its board has approved a proposal to acquire up to 51 per cent stake in TSUYO Manufacturing. The company did not disclose the deal size. A decision in this regard was taken by the company's board at a meeting on Wednesday, Ramkrishna Forgings said in a statement. "The board of directors of Ramkrishna Forgings has approved an investment to acquire up to 51 per cent voting rights of TSUYO, a Make-In-India startup company engaged in powertrain solutions for electric vehicles," it said. This proposed investment will help TSUYO enhance its product portfolio and expand its facilities for manufacturing of motors, controllers, e-axles, and differentials. "This strategic investment will enable us to further advance our commitment to supporting the growth of electric vehicles in India and beyond. This acquisition will significantly improve our capabilities and expand our market share in the evolving EV segment," Lalit Khetan, Whole-time Director and CFO,

Merger with home loan major HDFC to take 8-10 months more: HDFC Bank

HDFC Bank expects to amalgamate its home loan major parent HDFC into itself by September next year, a top official said on Friday. Both HDFC and HDFC Bank held general meetings on Friday to seek shareholder approvals for what is billed as the largest merger in Indian corporate history at over USD 40 billion. At the time of announcing the merger on April 4 this year, the entities had said the merger will take 12-18 months. "We believe going by the past practice and going by past trends, it will take about 8-10 months time before an effective date is announced," HDFC Bank's chief executive and managing director Sashidharan Jagdishan said at the meeting. The merger will help expand the capital adequacy ratio of the merged entity by 0.20-0.30 per cent, courtesy the healthy capital adequacy of HDFC Ltd, he added. Given the fact that bank deposits have to comply with mandatory cash reserve ratio and statutory liquidity ratio requirements, many shareholders at both meetings showed keenne

Proposed merger of Simon & Schuster with Penguin is officially over

Simon & Schuster's corporate parent has officially ended the agreement for Penguin Random House to purchase the publisher, a proposed sale a federal judge already had blocked last month. Paramount Global also announced Monday that it still plans to sell Simon & Schuster, a nearly century-old company where authors include Stephen King, Colleen Hoover and Bob Woodward. Simon & Schuster has had a strong 2022 so far, thanks in part to bestsellers by Hoover and King, who had opposed the merger and even testified on behalf of the government during last summer's antitrust trial. Simon & Schuster remains a non-core asset to Paramount, as was determined in early 2020 when Paramount conducted a strategic review of its assets, Paramount announced. Simon & Schuster is a highly valuable business with a recent record of strong performance, however it is not video-based and therefore does not fit strategically within Paramount's broader portfolio. Penguin Random House owes a $200

NSE Indices floats consultation paper on index rules

NSE Indices Ltd, a subsidiary of National Stock Exchange, is planning to change the methodology of merger and demerger of index constituents for equity indices to avoid big churnings, which happens in the current system. This comes ahead of the proposed merger of HDFC with HDFC Bank. The proposal, if considered, is expected to avoid sharp movement in stock prices of firms that are in the process of merger or demerger. In its consultation paper, NSE Indices has suggested to make ex-date an important factor for replacing an index constituent. It has sought comments from market participants on the proposed revision in the treatment of merger and demerger of index constituents for equity indices till November 2. With regards to the treatment of a merger, NSE Indices has proposed that the transferor company will be excluded from the index on the ex-date (T Day) of the merger -- the closing of the T-1 day merged entity. Equity shares, investible weight factor and capping factor of the

CCI gives conditional nod to Zee-Sony merger, formal order awaited

Sony and Zee confirm development, say awaiting remaining regulatory approvals

Naspers-owned Prosus terminates $4.7 billion deal to acquire BillDesk

Prosus has been a long-term investor and operator in India, putting in close to $6 billion in Indian technology companies since 2005

Boards of two Tata Motors finance companies to consider merger next week

Merger is part of Tata group plan to bring similar businesses under a single umbrella like Tata Steel's merger of seven subsidiaries with itself to consolidate its metals and mining businesses

Shriram Transport Finance gets shareholders' approval for merger with SCUF

Shriram Transport Finance, which is part of the Shriram Group, now awaits approval from Shriram City Union Finance shareholders and creditors and NCLT, CCI and Irdai