The Bharti Infratel and Indus Tower merger has once again been put back so as to complete the remaining conditions precedent including the pre-closing adjustments. The board of Infratel met yesterday and extended the long stop date i.e June 24, 2020. The board of directors have extended the date until August 31, 2020.
The merger has delayed for the umpteenth time due to the non completion of the conditions precedent to be fulfilled for the scheme to become effective could not be completed by the extended long stop date. The merger remains subject to completion of remaining conditions precedent including the pre-closing adjustments.
The merger remains subject to mutual agreement between the parties on the pre-closing adjustments, with other conditions precedent for closing. The parties retain the right to terminate and withdraw the merger scheme on or prior to August 31..