Canada's Cineplex gauging interest from potential buyers, Bloomberg News reports

Cinemark Holdings, Inc. -0.73%

Cinemark Holdings, Inc.

CNK

28.39

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April 15 (Reuters) - Canadian movie theater chain Cineplex Inc CGX.TO is shopping itself to potential buyers in a bid to combine with a rival, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Here are the details:

  • Chief Executive Officer Ellis Jacob has reached out to peers including Regal Cineworld Group and Cinemark Holdings Inc CNK.N to gauge their interest in a takeover, the report said.

  • Reuters could not immediately verify the report. Cineplex, Regal Cineworld and Cinemark did not immediately respond to requests for comment.

  • Cineplex, Canada's largest movie theater chain, has a market value of C$711.3 million ($518.6 million).

  • In 2023, Bloomberg reported that Kinepolis Group NV KIPO.BR considered making a bid for Cineplex but chose not to proceed after concluding a deal would struggle to win regulatory approval.

($1 = 1.3717 Canadian dollars)


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