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Cineplex Inc
Symbol CGX
Shares Issued 63,333,238
Close 2020-07-06 C$ 8.03
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Globe/wire say Cineplex, Cineworld now suing each other

2020-07-07 08:34 ET - In the News

The Globe and Mail reports in its Tuesday, July 7, edition that Cineworld says it is making a counterclaim against Cineplex after the Canadian cinema chain's legal action against the British group for damages after it scrapped a $1.65-billion (U.S.) takeover. A Reuters dispatch to The Globe reports that Cineplex said last week it was suing Cineworld for damages, including about $2.18-billion (U.S.) that Cineworld would have paid on the closing of the deal. Cineworld abandoned the takeover last month, citing what it termed the Canadian company's breaches in the merger agreement. Cineworld said on Monday it did not breach any obligations or duties, and said if Cineplex's claim was successful, it would be limited to its costs and expenses incurred as part of the deal. "Cineworld is entitled to recover from Cineplex all damages and losses that it has suffered as a result of Cineplex's breaches and the acquisition not proceeding," Cineworld said in a statement. "Cineworld intends to counterclaim against Cineplex for these damages and losses." Cineplex has denied these claims. The deal was announced in December and would have made Cineworld North America's biggest cinema operator.

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