The Globe and Mail reports in its Tuesday, June 2, edition that Cineplex says the Investment Canada Act review of its deal to be acquired by Cineworld Group has been extended to June 15.
A Canadian Press dispatch to The Globe reports that the review period had been set to end Monday.
The deadline to complete the $2.8-billion sale of the company to Cineworld is June 30. The deal is subject to several conditions, including approval under the Investment Canada Act.
Cineplex says if the conditions are not satisfied or waived by the deadline the deal will not be completed.
The company, like nearly all movie exhibitors, has faced a virtual shutdown since mid-March. The company says it expects the COVID-19 pandemic will have a materially negative impact on its business for "at least" the first half of 2020. However, the company noted that uncertainty around the extent of the viral spread, duration of severity and government restrictions make it impossible to quantify the financial hit. Cineplex shares gave back 56 cents to close Monday in Toronto at $13.99.
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