Actionable news
0
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 TheStreet.com 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...


More