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Cineplex Wins Lawsuit Against Cineworld In Scrapped Acquisition Deal; Damages Of Nearly $1B Awarded
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deadline.comUPDATED: Cineplex today announced that it had prevailed in its lawsuit against Cineworld Group. The case centered on a deal in which Cineworld was to have acquired Canadian exhibitor Cineplex.
The Ontario Superior Court of Justice has now ruled that Cineworld “repudiated the transaction to acquire Cineplex.” As a result, Cineplex won damages for breach of contract to the tune of $1.24 billion Canadian.
That equates to about $965 million U.S. dollars.In addition, the Canadian court denied Cineworld’s counterclaim.“We are pleased that the Court found Cineplex acted properly throughout this difficult period in our history,” said Cineplex CEO Ellis Jacob in a statement. “With roots that go back over 100 years, we are proud of the relationships
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