Canada’s largest movie chain has agreed to a friendly takeover by a UK-based company. Subject to shareholder approval, it’s a $2.8 billion deal that would make the British cinema operator the largest in North America.
Cineworld Group PLC would pay $34 per Cineplex share in cash, amounting to a 42 per cent premium to the closing price for the chain’s shares Friday and take on the debt owed by the Toronto-based company.
The transaction will likely be approved as the Canadian theatres have been struggling with declining attendance amid increased competition for moviegoers’ attention.
-Kelli
Credit: http://www.cbc.ca/news/business/cineplex-cineworld-movie-deal-1.5397425
