The company said in December at the time that it planned to combine the operations of Cineplex and Regal to create the largest exhibitor in North America. Cineworld announced in December it would acquire Cineplex, which dominates the Canadian theatrical market, in a move that would have created one of the world’s largest cinema companies with more than 11,200 screens. Cineplex to start legal proceedings after Cineworld backs out of $2.15-billion takeover.
Matthew Heller U.K-based Cineworld has called off a $2.1 billion deal to acquire Canada’s Cineplex, setting the stage for a legal battle between the two giant movie theater operators. “In all markets where Cineplex is permitted by government and health authorities, it plans to reopen as many of its locations as it can on July 3, 2020 (or as soon thereafter as permitted by law),” Cineplex said in a statement on Monday. Yahoo is part of Verizon Media.
Cineplex wants to sue Cineworld Group after the latter axed plans to buy the Canadian company in a $1.65bn (£1.32bn) deal.Last month, Cineworld said it had become aware of certain breaches by Cineplex and decided not to go ahead with the deal. CFO Publishing LLC, a division of The Argyle Group. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. Each of the companies indicated they would sue the other for breaching the agreement. It said Cineplex has separately alleged that Cineworld itself failed to comply with its obligations under the merger terms relating to pursuing the … Your email address will not be published. U.K-based Cineworld has called off a $2.1 billion deal to acquire Canada’s Cineplex, setting the stage for a legal battle between the two giant movie theater operators. All Rights Reserved. Read Next: ‘The Batman’ Delayed to 2022, ‘Matrix 4’ Release Moves Up, Milla Jovovich’s Thriller ‘Monster Hunter’ Moves Forward to 2020, Gold House Movement Supports Filipina Drama ‘Yellow Rose’ — Film News in Brief, Andy Samberg, Common, Craig Robinson to Star in Comedy ‘Super High’, paid $3.6 billion for Regal Entertainment Group, Clark Middleton, Actor in 'The Blacklist,’ ‘Twin Peaks,’ Dies at 63, Thomas Jefferson Byrd, Actor in Spike Lee Films, Killed in Atlanta, Led Zeppelin Wins 'Stairway to Heaven' Copyright Battle as Supreme Court Refuses to Hear Case, ‘Saturday Night Live’ Starts Season 46 With Alec Baldwin and Jim Carrey Recreating the Presidential Debate, Denis Villeneuve’s ‘Dune’ Delays Release Date, Why ‘Tenet’ Was the Wrong Movie at the Wrong Time (Column), ‘The Witcher’ Season 2 Gets First Look at Henry Cavill’s New Armor, ‘The Batman’ Delayed to 2022, ‘Matrix 4’ Release Moves Up, ‘GLOW’ Season 4 Canceled Due to COVID-19 Pandemic, ‘Mean Girls’ Cast Reunites After 16 Years to Encourage Voting, Megan Thee Stallion Delivers Powerful 'Protect Black Women' Statement on 'SNL', The 10 Best ‘Gilmore Girls’ Music Moments, Taylor Lautner Buys Striking Agoura Hills Mansion, The Best Bose Soundbar is Under $200 for the First Time This Year, Home Tours: This $24 Million Telluride Mansion Is a Modern Take on the Skier’s Log Cabin, Barstool CEO Erika Nardini Named To WWE Board of Directors, A Tea-Lover’s Guide to the Best Tea Brands in the World. The merger of Cineworld and Cineplex will end AMC's run as North America's biggest cinema operator, though the Leawood-based company remains the biggest in the world. Variety and the Flying V logos are trademarks of Variety Media, LLC.
You can change your choices at any time by visiting Your Privacy Controls. Canadian exhibition chain Cineplex has announced it will commence legal proceedings against Cineworld and seek damages after the U.K.-based exhibitor pulled its $2.1 billion takeover deal. Cineplex Inc. is Canada’s largest chain of movie multiplexes, with more than 150 cinemas to its name under its Odeon, Famous Players, SilverCity, and Galaxy brands. Cineworld said Cineplex breached the terms of their merger agreement and …
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