Zee Learn Limited agreed to acquire Tree House Education & Accessories Limited from Aditya Birla Private Equity, Bajaj Holdings & Investment Limited, Foundation Capital, Matrix Partners India, Mondrian Investment Partners Limited and other shareholders for INR 9.3 billion.
The Board of Directors of Zee Learn at its meeting held on June 1, 2016, has decided to keep on hold the transaction. Zee Learn Ltd will not be going ahead with the currently agreed share exchange ratio of 53 fully paid equity shares of INR 1 each of Zee Learn Limited for 10 fully paid equity shares of INR 10 each of Tree House. Re-constitution of the merger evaluation committee with the authority to look into and suggest ways to salvage the deal with Tree House which will best keep the interest of Zee Learn Ltd's stakeholders intact. As on August 16, 2016, the Board of Directors approved the revised scheme.
SSPA & Co. provided valuation report for the transaction. Inga Capital Private Limited acted as fairness opinion provider to Tree House Education & Accessories. IDBI Capital Market Services Limited acted as fairness opinion provider to Zee Learn.