Billionaire Philip Anschutz plans to sell 13 million shares of Regal Entertainment Group, the nation’s largest cinema chain, in an underwritten offering valued at about $303 million at current prices.
After the sale, Anschutz Corp. will continue to control 74 percent of the voting power at Regal, according to a statement Tuesday from the movie chain. That will include 37 million Class A common shares and 23.7 million Class B shares that have 10 votes each.
Regal, based in Knoxville, Tennessee, abandoned efforts to find a buyer in January 2015 following a strategic review of options including a possible sale. Since then, No. 2 AMC Entertainment Holdings Inc. has agreed to buy Odeon & UCI Cinemas Group in the Europe and is pursuing Carmike Cinemas Inc., in the U.S., for $1.2 billion.
Regal fell 4.7 percent to $22.20 in extended trading after the announcement. It closed at $23.29 in regular trading in New York and is up 23 percent this year.
BofA Merrill Lynch will act as underwriter for the offering, Regal said.