Ms. Sarah Van Lange reports
CINEPLEX RECEIVES COURT APPROVAL FOR ARRANGEMENT WITH CINEWORLD
Cineplex Inc. has received a final order from the Ontario Superior Court of Justice (Commercial List), approving its previously announced plan of arrangement, pursuant to which an indirect wholly owned subsidiary of Cineworld Group PLC has agreed to acquire all of the issued and outstanding common shares of Cineplex for $34 per share in cash.
Closing of the transaction remains subject to the satisfaction or waiver of certain closing conditions that have not yet been satisfied, including the receipt of the Investment Canada Act approval. 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. Following completion of the transaction, Cineplex's shares will be delisted from the Toronto Stock Exchange and Cineplex will apply to cease to be a reporting issuer.
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.
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