Britain's Cineworld scraps US$1.65b deal to buy Cineplex

Britain's Cineworld Group said on Friday it abandoned its US$1.65 billion deal to buy Cineplex, citing what it termed the Canadian company's breaches in the merger agreement between the cinema operators.[BENGALURU] Britain's Cineworld Group said on Friday it abandoned its US$1.65 billion deal to buy Cineplex, citing what it termed the Canadian company's breaches in the merger agreement between the cinema operators.

The deal was announced in December and would have made the British firm North America's biggest cinema operator. "As a consequence of ... Cineplex's unwillingness to cure the breaches, Cineworld has notified Cineplex that it has terminated the Arrangement Agreement with immediate effect," Cineworld said in a statement.

Cineworld did not specify what the breaches were, adding that a"material adverse effect" occurred with the Canadian company. Cineplex issued a separate statement denying the claims of Cineworld and saying that Cineworld's allegations stem from the impact of the coronavirus outbreak.

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