Dave McNary Film ReporterU.K.-based Cineworld Group has backed out of a deal to acquire Canada’s Cineplex Inc. for $2.1 billion, citing breaches in the agreement for the transaction.Cineworld, parent of the Regal Cinema chain in the U.S., made the announcement Friday, saying it had become aware of certain breaches by Cineplex Inc.
along with a “material adverse effect” that had has occurred with respect to Cineplex.“As a consequence of these matters and Cineplex’s unwillingness to cure the breaches, Cineworld has notified Cineplex that it has terminated the Arrangement Agreement with immediate effect,” Cineplex said. “The Acquisition will therefore not proceed.”Cineworld also said Cineplex claims that it has not breached the deal terms and.
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