NEW YORK – Shareholders of Carmike Cinemas approved the movie theater operator's sale to Chinese-owned AMC Theatres, cementing the buyer's stature as the largest movie theater operator in the world.
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The deal includes $585 million in cash and $250 million in AMC's Class A common stock. AMC is also assuming about $367 million in debt in the deal.
Carmike shareholders can take $33.06 per share or 1.0819 AMC shares for each share of Carmike. The cash offer is $3.06 more per share than AMC's prior bid in March.
AMC, based in Leawood, Kansas, was bought by Chinese conglomerate Dalian Wanda Group in 2012. AMC bought European movie theater operator Odeon & UCI Cinemas Group in July, making it the world's largest movie theater operator.
Carmike, based in Columbus, Georgia, expects the deal to close late this year or early next year.