British firm makes offer for Cineplex

Dec 16, 2019 | 12:51 PM

The Cineworld Group of Britain has reached a friendly takeover deal with the Cineplex movie theatre chain worth $2.8 billion.

Cineworld is offering $34 per share in cash for the Canadian-owned company, which is a 42 per cent premium to Friday’s closing price.

Cineplex, which owns 165 theatres across Canada, has seven weeks to check out offers from other potential buyers.

Vernon’s Galaxy Cinemas in the Polson Mall is owned by Cineplex.

The Canadian chain has seen declining attendance in recent years. In 2018, the company filled about 69.3 million seats, according to its most recent annual report. That number has consistently fallen since it hit a recent high of roughly 77 million in 2015.

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The declining attendance comes as movie theatres face growing competition from streaming services such as Netflix, Crave, Amazon Prime Video, Apply TV Plus and, most recently, Disney Plus.

(With files from The Canadian Press)

by Vernon Matters Staff/Canadian Press

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