British-based Cineworld says it has terminated its takeover of Canada’s Cineplex. Cineworld PLC said the 2.8 billion Canadian dollars (£1.6 billion) was dropped after “certain breaches” of the acquisition deal. The takeover would have created North America’s largest chain of movie theatres to better compete with AMC Entertainment. Cineworld did not outline the specifics of what parts of the transaction it believes Cineplex ran afoul of, but the London-based company noted that Cineplex has denied any such breaches. A representative for Cineplex could not be immediately reached for commentPA Media

Source: Irish Independent June 12, 2020 22:52 UTC