Pursuits
Carmike's Biggest Holder Opposes AMC Buyout Terms as Too Low
- Says $40 a share cash would be fair value for cinema operator
- Theater chain to press ahead with accord despite opposition
This article is for subscribers only.
Carmike Cinemas Inc.’s largest stockholder opposes the $1.1 billion sale of the movie theater company to Dalian Wanda Group’s AMC Entertainment Holdings Inc. because the price is too low. Carmike responded that it’s pressing ahead.
“We intend to vote against, and to encourage other shareholders to vote against the merger agreement,” Mittleman Brothers LLC, which holds 7.1 percent of Carmike, said Tuesday in a regulatory filing. The price of $30 a share is “unacceptably low,” the company said, and suggested $40 is fair value.