CVC Capital Partners plans bid for parts of embattled Cineworld - Sky News (updated)
27/03/2023 10:57
(Adds background, more details and shares)
March 27 (Reuters) - Private equity firm CVC Capital
Partners has proposed a takeover of parts of British cinema
operator Cineworld Group Plc CINE.L , within days of a similar
offer from activist investor Elliott Management, Sky News
reported on Monday.
CVC is in talks with Cineworld about an offer for its
eastern Europe and Israel operations, the report added.
Shares in Cineworld were up 8.5% at 2.5 pence per share as
of 0939 GMT.
Both Cineworld and CVC Capital declined to comment on the
report.
The news comes days after activist investor Elliot
Management also tabled a bid to buy Cineworld's operations in
eastern Europe and Israel, Sky News had reported on Saturday.
Elliot Management declined to comment on the report over the
weekend.
Cineworld, which has so far failed to find a buyer for the
whole of the world's second biggest cinema chain, had proposed
an April 10 deadline for final bids, with an auction, if
necessary, to follow on April 17.
The company said in February it may emerge from Chapter 11
bankruptcy protection in the first half of this year.
(Reporting by Sinchita Mitra and Aby Jose Koilparambi in
Bengaluru; Editing by Rashmi Aich and Nivedita Bhattacharjee)
((Sinchita.Mitra@thomsonreuters.com;))