Elliott plans bid for parts of embattled Cineworld -Sky News (updated)

Cineworld

25/03/2023 14:51

(Adds detail, background)
       March 25 (Reuters) - Activist investor Elliott
Management is planning a takeover of parts of the embattled
British cinema operator Cineworld Group  CINE.L , Sky News
reported on Saturday.
    Elliott has tabled a bid to buy Cineworld's operations
outside Britain and the United States, and is understood to have
explored a bid for the whole of the London-based group, the
report said. 
        Elliott is interested in acquiring Cineworld's
operations in eastern Europe and Israel, Sky said.
  
        Cineworld, which is currently under Chapter 11
bankruptcy protection, did not immediately respond to a Reuters
request for comment. 
  
        Elliott Management declined to comment on the report.
  
        Sky News reported 
    last week
     that rival cinema operator Vue International had not been
able to pursue discussions about a deal for Cineworld, after it
was frozen out of a sale process run by Cineworld's advisers.
  
        Cineworld 
    said
     in February it may emerge from Chapter 11 bankruptcy
protection in the first half of this year.
  

 (Reporting by Mrinmay Dey in Bengaluru; editing by Jason Neely
and Andrew Heavens)
 ((Mrinmay.Dey@thomsonreuters.com;))