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Cineplex Taking Cineworld to Court Over Failed $2.1 Billion Takeover Deal

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variety.com
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Dave McNary Film ReporterCanadian exhibition chain Cineplex has announced it will commence legal proceedings against Cineworld and seek damages after the U.K.-based exhibitor pulled its $2.1 billion takeover deal.Cineworld back away from the Cineplex agreement on June 12, citing alleged breaches of the merger agreement and a “material adverse effect” without providing details.“Cineworld’s decision to abandon the transaction was a scenario that Cineplex had considered and planned for.

Cineplex has developed a robust contingency plan for operating its business and improving its financial position on a go forward basis as one of Canada’s leading entertainment and media companies,” the company said.The Cineplex acquisition agreement was.

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