TORONTO, Feb. 18, 2020 /CNW/ - (TSX: CGX) – Cineplex Inc.
("Cineplex") today announced that the Ontario Superior Court of
Justice (Commercial List) has granted a final order approving
its previously-announced plan of arrangement pursuant to which an
indirect wholly-owned subsidiary of Cineworld Group plc
(LSE: CINE) has agreed to acquire all of the issued and
outstanding common shares (the "shares") of Cineplex for
$34 per share in cash (the
"Transaction").
Closing of the Transaction remains subject to the satisfaction
or waiver of certain closing conditions that have not yet been
satisfied, including the receipt of Investment Canada Act
approval. Subject to the satisfaction or waiver of all of the
conditions to the Transaction, the Transaction is expected to be
completed in the first half of 2020. Following completion of the
Transaction, Cineplex's shares will be delisted from the Toronto
Stock Exchange and Cineplex will apply to cease to be a reporting
issuer.
About Cineplex
Cineplex (TSX:CGX) is a top-tier
Canadian brand that operates in the Film Entertainment and Content,
Amusement and Leisure, and Media sectors. A leading entertainment
and media company, Cineplex welcomes over 70 million guests
annually through its circuit of theatres and location based
entertainment venues across the country. In addition to being
Canada's largest and most
innovative film exhibitor, Cineplex also operates successful
businesses in digital commerce (CineplexStore.com), food service,
alternative programming (Cineplex Events), cinema media (Cineplex
Media), digital place-based media (Cineplex Digital Media),
amusement solutions (Player One Amusement Group) and an online
esports platform for competitive and passionate gamers (WorldGaming
Network). Additionally, Cineplex operates location based
entertainment complexes specially designed for teens and families
(Playdium) as well as Canada's
favourite destination for 'Eats & Entertainment' (The Rec
Room). Cineplex is a joint venture partner in SCENE, Canada's largest entertainment loyalty
program.
Proudly recognized as having one of the country's Most Admired
Corporate Cultures, Cineplex employs approximately 13,000
people in its offices across Canada and the United States. To learn
more visit Cineplex.com or download the Cineplex App.
Caution Regarding Forward-Looking Statements
Certain
information included in this news release contains forward-looking
statements within the meaning of applicable securities laws. The
words "may," "will," "could," "should," "would," "suspect,"
"outlook," "believe," "plan," "anticipate," "estimate," "expect,"
"intend," "forecast," "objective" and "continue" (or the negative
thereof), and words and expressions of similar import, are intended
to identify forward-looking statements.
By their very nature, forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond
Cineplex's control. The forward-looking statements contained in
this news release are based on certain key expectations and
assumptions made by Cineplex.
Forward-looking statements are subject to various risks and
uncertainties which could cause actual results and experience to
differ materially from the anticipated results or expectations
expressed in this news release. The key risks and uncertainties
include, but are not limited to: general global economic, market
and business conditions; governmental and regulatory requirements
and actions by governmental authorities; relationships with
employees, customers, business partners and competitors; and
diversion of management time on the Transaction. There are also
risks that are inherent in the nature of the Transaction, including
failure to satisfy the conditions to the completion of the
Transaction and failure to obtain any required regulatory and other
approvals (or to do so in a timely manner). The anticipated
timeline for completion of the Transaction may change for a number
of reasons, including the inability to secure necessary regulatory
or other approvals in the time assumed or the need for additional
time to satisfy the conditions to the completion of the
Transaction. As a result of the foregoing, readers are cautioned
not to place undue reliance on the forward-looking statements
contained in this news release.
Cineplex does not undertake to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable
Canadian securities law. When reviewing Cineplex's forward-looking
statements, readers should carefully consider the foregoing factors
and other uncertainties and potential events. A comprehensive
discussion of other risks that impact Cineplex can also be found in
Cineplex's public filings which are available under Cineplex's
profile on SEDAR at www.sedar.com.
SOURCE Cineplex