Four months after AMC Theaters offered $1.1 billion to buy fellow theater chain Carmike Cinemas, the two companies have finally come together on a sweetened deal to appease shareholders.
In the end, it appears AMC will dole out $1.2 billion for Carmike, creating the largest U.S. theater chain in the U.S., the companies announced on Monday.
The deal, which is expected to be voted on this week, is considered by AMC as a “best and final” offer.
While the two theater chains had agreed in March to the $1.1 billion deal, that agreement drew opposition from some shareholders.
“We continue to believe that the proposed merger between AMC and Carmike is a compelling opportunity that offers significant value to both companies’ shareholders,” AMC President and CEO Adam Aron said. “Accordingly, after substantial and extended negotiation with Carmike, we have increased our offer.”
Aron goes on to say that the new agreement may still be opposed by some Carmike shareholders, but that AMC believes the basis for this — a published analysis — is “materially flawed.”
“For absolute clarity, let there be zero room for doubt or miscalculation,” Aron said. “This latest agreement between AMC and Carmike is our best and final offer for Carmike. While we would like this transaction to go forward,” if it doesn’t the company will instead focus on its own improvements.
The acquisition will make AMC Theaters the largest movie chain in North America. Currently, AMC is the second largest U.S. movie theater operator, behind Regal Entertainment Group, while Carmike is the fourth biggest. Adding Carmike’s 274 locations will bring AMC’s total theaters to 653, topping Regal’s 572 U.S. cinemas.
AMC Entertainment was bought by Chinese conglomerate Dalian Wanda Group, which also owns the biggest chain in China, in 2012 for $2.6 billion, creating the world’s largest cinema company.
by Ashlee Kieler via Consumerist
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