Regal owner Cineworld has called off its planned $2.1 billion takeover of Canadian exhibitor Cineplex, which would have created one of the world's largest cinema companies with more than 11,200 screens globally.
Cineworld did not specify what the alleged breaches of the transaction by Cineplex were as it backed out of the deal. In a batle of competing statements on Friday, Cineplex claimed Cineworld's allegations of breached terms for their merger agreement amounted to "buyer's remorse" and an attempt to wriggle out of the transaction amid the COVID-19 crisis.
Cancelling the merger is a setback for Cineplex CEO Ellis Jacob, who in recent years aggressively upgraded and diversified the movie chain into varied out-of-home entertainment destination businesses and was expected to retire after Cineworld took the company over.
Movie theatres are dead. The end has come.
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