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Cineplex sues Cineworld for $2.18B in wake of failed acquisition

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The Canadian movie theatre chain filed the suit in Ontario Superior Court on Friday, detailing what it claims was ``a case of buyer's remorse'' on the part of the U.K. company in the middle of a pandemic.

Inc. has filed a lawsuit against its former suitor Cineworld Group PLC, seeking damages in excess of $2.18 billion in the wake of the U.K. company’s failed acquisition.

The Canadian movie theatre chain filed the suit in Ontario Superior Court on Friday, detailing what it claims was “a case of buyer’s remorse” on the part of the U.K. company in the middle of a pandemic.Cineworld walked away from the $2.8 billion deal on June 12, saying it had become aware of a material adverse effect and breaches by the Toronto-based company.

 

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