Naman Ramachandran Canada’s Cineplex has initiated legal proceedings against Regal Cinemas owner Cineworld Group over its failed acquisition deal.Cineworld moved on June 12 to scrap its $1.6 billion acquisition of the Canadian business — a move that instantly anticipated legal action from Cineplex, which promised to sue just days later.
On July 3, Cineplex filed a lawsuit against Cineworld in the Ontario Superior Court of Justice.“Cineworld’s actions to prevent the Arrangement from closing in light of the COVID-19 pandemic is nothing more than a case of buyer’s remorse,” a statement from Cineplex said.
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