Culture

Cineworld Backs Away From $2.1 Billion Deal for Canada’s Cineplex

Cineworld Backs Away From $2.1 Billion Deal for Canada’s Cineplex”

The UK's Cineworld Group (CINE.L) said it scrapped its $1.65bn (£1.32bn) deal to buy Canada's Cineplex (CGX.TO) due to the latter's breaches of the merger agreement, announced in December.

The London-listed firm, which would have become North America's biggest cinema operator if the deal had gone ahead, said: "As a effect of ..."

It also said "a material adverse effect has occurred with respect to Cineplex" without giving further detail.

The U.K-based theatre chain says it is backing away from the deal after becoming aware of a material adverse effect and breaches to the agreement by Toronto-based Cineplex.

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Cineplex issued a separate statement denying the claims of Cineworld and saying that Cineworld's allegations stem from the impact of the coronavirus outbreak. The company said at the time that it planned to combine the operations of Cineplex and Regal to create the largest exhibitor in North America.

Cineworld, father or mother of the Regal Cinema chain within the US, made the announcement Friday, saying it had grow to be conscious of sure breaches by Cineplex Inc. together with a "materials adversarial impact" that had has occurred with respect to Cineplex.

Cineplex added that Cineworld did not have the legal basis to terminate the deal and it will commence legal proceedings against the British cinema operator. Cineworld said it reserved its own right to seek damages from the Canadian company.



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