Brief: Imax Corporation Announces Intent To Acquire Full Ownership Of Imax China Subsidiary

IMAX China Holding

12/07/2023 23:04

July 12 (Reuters) - Imax Corp  IMAX.N :
    * IMAX CORPORATION ANNOUNCES INTENT TO ACQUIRE FULL
OWNERSHIP OF
IMAX CHINA SUBSIDIARY
    * IMAX CORP - UPON APPROVAL OF OFFER AND SCHEME OF
ARRANGEMENT,
IMAX CORPORATION WILL OWN 100% OF IMAX CHINA
    * IMAX CORP - TRANSACTION IS EXPECTED TO BE ACCRETIVE TO
IMAX
CORPORATION IMMEDIATELY FOLLOWING COMPLETION
    * IMAX CORP - PROPOSED DEAL FOR APPROXIMATELY HK$10 PER
SHARE IN
CASH / $124 MILLION
    * IMAX CORP - TRANSACTION COULD ALSO UNLOCK APPROXIMATELY $2
MILLION OF ANNUAL PUBLIC COMPANY COST SAVINGS AS WELL AS
POTENTIAL TAX EFFICIENCIES
    * IMAX CORP - IMAX CORPORATION INTENDS TO FINANCE
TRANSACTION IN
FULL THROUGH ITS INTERNAL CASH RESOURCES AND/OR EXTERNAL DEBT
FINANCING
    * IMAX CORP - UPON COMPLETION OF TRANSACTION, DANIEL
MANWARING
WILL CONTINUE AS IMAX CHINA CEO
    * IMAX CORP-IT HAS FILED A PROPOSAL TO ACQUIRE OUTSTANDING
96.3
MILLION SHARES IN IMAX CHINA
    * IMAX CORP - IMAX CHINA WILL REMAIN HEADQUARTERED IN
SHANGHAI
WITH OFFICES IN BEIJING
    * IMAX CORP -  ACQUISITION OF IMAX CHINA EXPECTED TO CLOSE
LATER
THIS YEAR

Source text for Eikon:  ID:nPn7G2YLFa 
Further company coverage:  IMAX.N