Actionable news
All posts from Actionable news
Actionable news in CKEC: Carmike Cinemas, Inc.,

Carmike Postpones Vote on AMC Deal to Make Time for Talks

This article originally appeared in The Deal, a sister publication of focused on deals and dealmakers. For more information about The Deal click here.

Carmike Cinemas ( CKEC) is continuing talks with AMC Entertainment ( AMC) , presumably in order to arrive at a deal price that key investor groups will support.

Carmike announced Thursday evening it would postpone Friday's special shareholder meeting to vote on AMC's $740 million, $30 per share offer. The new meeting date will be July 25 at 9 a.m.

The original deal has been opposed by funds Mittleman Brothers and Driehaus Capital Management, which control 9.5% and 9.9% of Carmike, respectively. Driehaus said it would seek appraisal in court rather than accept the offer.

This is the second time Carmike has postponed a vote on AMC's offer. A vote scheduled for June 30 was also postponed due to the opposition from Mittleman and Driehaus. The funds have said AMC's woefully undervalues Carmike and the target should remain a...