Cineworld Calls Off $2.8-Billion Deal To Take Over Cineplex

TORONTO — International movie theatre chain Cineworld PLC says its deal to buy Cineplex Inc. for $2.8 billion is off, claiming that “certain breaches” of the contract were made by the Canadian company.

The sudden disagreement sets the scene for what could be a dramatic showdown between two movie exhibition giants in the midst of a viral pandemic that’s forced their theatres to shut down. However, it did not outline the specifics of its allegations in a statement, and a Cineworld representative would not answer questions. Cineworld said it complied with its obligations and will “vigorously defend any allegation to the contrary,” and seek damages.Cineplex Cinemas remain closed during the coronavirus pandemic on April 18 in Langley, B.C.

“Cineplex believes that Cineworld’s allegations represent buyer’s remorse, and are an attempt by Cineworld to avoid its obligations under the in light of the COVID-19 pandemic,” the company said.

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Cineworld says $2.8-billion takeover of Cineplex is off, says deal was breachedCineworld PLC says it has terminated its $2.8-billion takeover of Canadian movie exhibitor Cineplex Inc. after 'certain breaches' of the acquisition deal. Shut down all theatres until Hollywood is cleansed - all movies with guns, violence and off base comments should be deleted from all playlists- ...did someone sneak in outside food and beverages? Take the money and run CineplexMovies No one goes to the theatre anymore. Blockbuster be like...
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