Dec 5, 2017

Cineworld clinches $3.6bn reverse takeover of Regal

UK-based Cineworld has agreed a $3.6bn acquisition of US rival Regal Entertainment in a deal that will create one of the world's largest cinema chains. It emerged last week that FTSE 250-listed Cineworld was in talks with Regal, and on Tuesday the companies said they had reached an agreement for a reverse takeover, with Cineworld paying $23 a share for its larger peer. Buying Regal will give Cineworld access to the lucrative North American market, building on its strength in countries across Europe. "Regal is a great business and provides Cineworld with the optimal platform on which we can continue our growth strategy," said Mooky Greidinger, Cineworld chief executive. Y Miles, chief executive of Regal, said the offer from Cineworld "Represents a meaningful premium" on its share price, while providing "Compelling value for our stockholders".

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