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Shareholders Defeat Imax Bid to Buy up China Subsidiary, Shares Wobble
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variety.comPatrick Frater Asia Bureau Chief The Hong Kong-listed shares of Imax China wobbled in reaction to the defeat of a buyout proposal that would have seen the Canadian parent company Imax Corp.
take outright control. Imax Corp. already owns a 71.5% majority of Imax China. But some 18% of shareholders who were not affiliated with Imax’s takeover bid voted against the buyout, exceeding the 10% threshold required to defeat the proposal.
In July, Imax Corp. had offered to pay HK$10 per share to buy out the 28.5% minority shareholders, in a move that would have cost it $124 million.
Following the shareholder decision, Imax China shares fell to HK$7.70 on Wednesday, and slipped to HK$7.59 at the midday trading halt on Thursday.
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