Ms. Sarah Van Lange reports
CINEPLEX ANNOUNCES END OF "GO-SHOP" PERIOD
The seven-week go-shop period provided for in the arrangement agreement dated Dec. 15, 2019, between Cineplex Inc. and Cineworld Group PLC has expired. Cineworld Group, through an indirect wholly owned subsidiary, has agreed to acquire all of the issued and outstanding common shares of Cineplex for $34 per share in cash.
During the go-shop period, Cineplex was permitted, with the assistance of its financial adviser, Scotiabank, to actively solicit, evaluate and enter into negotiations with third parties that expressed an interest in acquiring Cineplex. During the go-shop period, Scotiabank contacted 52 potential buyers. Three of the potential buyers entered into confidentiality agreements with Cineplex and were granted access to non-public information about Cineplex. Cineplex did not receive a superior proposal during the go-shop period.
Completion of the transaction is subject to obtaining the required approval of Cineplex shareholders at the special meeting of Cineplex shareholders to be held on Feb. 11, 2020, the required approval of Cineworld Group shareholders at a general meeting of Cineworld Group shareholders to be held on Feb. 11, 2020, receipt of the final order of the Ontario Superior Court of Justice (Commercial List) and the satisfaction or waiver of certain other conditions to implementing the transaction that have not yet been satisfied. Subject to the satisfaction or waiver of all of the conditions to the transaction, the transaction is expected to be completed in the first half of 2020.
About Cineplex Inc.
Cineplex is a top-tier Canadian brand that operates in the film entertainment and content, amusement and leisure, and media sectors. A leading entertainment and media company, Cineplex welcomes over 70 million guests annually through its circuit of theatres and location-based entertainment venues across the country. In addition to being Canada's largest and most innovative film exhibitor, Cineplex also operates successful businesses in digital commerce (CineplexStore website), food service, alternative programming (Cineplex Events), cinema media (Cineplex Media), digital place-based media (Cineplex Digital Media), amusement solutions (Player One Amusement Group), and an on-line e-sports platform for competitive and passionate gamers (WorldGaming Network).
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