Imax’s China privatization proposal fails to reach shareholder threshold

Imax Corp.’s IMAX, -1.87% proposal to acquire Imax China’s outstanding 96.3 million shares will not proceed following a vote by the company’s China shareholders, the high-end movie theater operator announced Tuesday.

“Even though our proposal received the vast majority of votes cast, and support from both leading independent proxy advisory firms, the vote did not achieve the threshold needed for approval,” said Imax CEO Rich Gelfond, in a statement. Imax shares are down 0.3% in premarket trades Tuesday. The stock ended Monday’s session down 1.9%.

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