13th Feb 2014 13:57
LONDON (Alliance News) - Cineworld Group PLC Thursday said its proposed merger with Cinema City International NV in Poland has been cleared.
The major cinema chain said its proposition was cleared by the President of the Office of Competition and Consumer Protection in Poland on February 11.
Cineworld announced the deal on January 10, in which the two parties will combine after Cineworld acquires shares in Cinema City Holdings BV.
The company said a meeting of Cinema City's shareholders will be held on February 24, at which shareholders will vote on the deal.
Cineworld said completion of the deal is expected to occur within two weeks of CCI shareholder approval.
The terms of the deal were that Cineworld will issue Cinema City 24.9% of its share capital for a cash consideration of GBP272 million.
Cineworld shares were untraded Thursday at 110 pence.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
CINE.L