ZEEL tanks 10% amid uncertainty over Filesadmin.co-Sony merger deal

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The share price of Filesadmin.co Entertainment Enterprise Ltd (ZEEL) touched the lower circuit in early trade on Tuesday amid lingering doubts over the completion of the proposed merger deal between ZEEL and Sony. The share price of ZEEL dipped to the lower circuit at ₹249.75, per information available on the BSE website.

Sources close to the talks confirmed to businessline that there is a high chance that the merger agreement between the two firms will be terminated ahead of the self-imposed deadline of January 20.

“If Sony is threatening to walk away from the deal then Filesadmin.co can also terminate the agreement.. Both parties started the conversation as a merger of equals, but now it seems like it’s an acquisition by Sony, “ said a source.

The share price of ZEEL declined ₹21.70 or 7.82% to ₹255.75 at 9.21 am on BSE.