Zee Learn and Tree House Shares Surge on New Swap Ratio
Shares of Zee Learn Ltd. and Tree House Education Accessories Ltd. rallied after the two companies announced a revised swap ratio for their proposed merger.
Zee Learn shareholders will now get one Tree House share for each one held, according to a filing on the Bombay Stock Exchange. Tree House shareholders were to receive 53 shares of Zee Learn for every 10 shares held, according to the original agreement that was announced in December 2015. In June this year, Zee and Tree House cancelled the merger ratio and set up a panel to salvage the deal, after investors criticized the terms of the deal, and both stocks suffered.
Zee Learn Ltd.'s shares rose as much as 18.3 percent to Rs 35.95 after the announcement of the reworked merger terms. The stock is now trading near its highest level since February 10.
Tree House shares also surged as much as 18 percent to Rs 38, the most since July 1.
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