U.K.’s Cineworld Group Plc is in talks to purchase Regal Entertainment Group, the U.S. movie-theater chain controlled by billionaire Philip Anschutz, for about $3.6 billion to tap into the world’s largest market and create a bigger rival to industry leader AMC Entertainment Holdings Inc.
Negotiations concerning a price for Regal of $23 a share may still fall apart, the companies said in separate statements, confirming reports Tuesday by Reuters and Bloomberg. Cineworld declined as much as 17 percent, the most in a decade, after saying it would fund the acquisition with a stock sale and debt. Regal gained as much as 7 percent.
