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Jan 30, 2020

Cineplex says proxy advisers recommend shareholders back Cineworld takeover

Two sharehold advisors approve Cineplex takeover bid

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TORONTO -- Cineplex Inc. says two influential proxy advisory services have recommended shareholders support a takeover of the company by U.K.-based Cineworld Group PLC.

The movie theatre chain says Institutional Shareholder Services Inc. and Glass, Lewis & Co. have both recommended shareholders back the friendly deal that will see Cineworld pay $34 per Cineplex share in cash.

Cineplex shareholders are set to vote on the deal at a meeting in Toronto on Feb. 11.

The board of directors of Cineplex has unanimously recommended that Cineplex shareholders vote in favour of the agreement.

 If the deal is approved, Cineplex and its 165 movie theatres across Canada will become part of Cineworld's global chain, listed on the London Stock Exchange.

The deal is expected to be completed in the first half of 2020.