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Excellent videos Hindy
It's all sport...
For BUY/SELL?
or for sport?
Do you tune in first thing on Monday or wait until the crazy first hour is done. Big potential errors tomorrow. What to do!
@nofear
Yes that is a little old but hiach has done some recent posts what highlight some of the possible reasons for pulling out maybe, I guess we will have to wait till Monday for an official Rns
Monday’s going to be interesting
(Iv not watched this one yet but will shortly)
https://www.bnnbloomberg.ca/we-can-survive-cineplex-touts-balance-sheet-despite-tumbling-stock-q1-loss-1.1458734
To add to that, they're definitely saying that the breach is the reason they pulled.
Maybe if they got to the 15th it would have been approved so they had to pull before the 15th...
If that was the case they would have had to comply with all relevant contractual obligations while looking for a breach on Cineplex's end. Which is what it states in their statement.
"Cineworld has complied with all of its obligations under the Arrangement Agreement and it is entitled to terminate the
Arrangement Agreement. It will therefore vigorously defend any allegation to the contrary [that it diddnt pursue the regulators to close the deal]. Cineworld has also reserved its right to seek damages from Cineplex in respect of Cineplex’s
breaches of the Arrangement Agreement, which, in addition to the occurrence of the material adverse effect, gave rise to the termination."
Just a thought...no research done.
Yeah, must've a great reason and believe they can win the inevitable legal action. Statement tomorrow please? And if the market is up, all the better
@Hindy86
Great help with your link to the bnn bloomberg video. What I'm trying to understand if the Canadian government extended
their approval decision date from the end of March 2020 to the 15 of June 2020, was Cineworld at all happy with that further extension and why did they then pulled out three days before the 15th June 2020 Deadline. I guess they will have all the proof as evidence to counter sue them in due time.
https://www.bnnbloomberg.ca/company-news/video/trying-to-block-the-cineplex-takeover~1923711
Published Thursday, March 5, 2020 11:39AM EST.
Cineplex shares fall after short seller raises concerns about Cineworld deal. Someone must have had known that the deal it will never had gone through as this short seller must have had inside knowledge to bet against the Cineplex-Cineword deal.
htxxs://www.ctvnews.ca/business/cineplex-shares-fall-after-short-seller-raises-concerns-about-cineworld-deal-1.4840173
It's unlikely Canadian regulators would have intervened in that manner. If CINE had requested approval, it would likely have been approved quickly as they rarely block these deals. Furthermore, there was no discussion over here of anyone trying to block the Plex takeover for any reason. The "top 3" reasons the deal fell apart is that cine could not pay $2.4b cad for a company now valued at $0.54b cad. Cine itself is only worth $0.8b ukp/ 1.3b cad.
...It's possible. They get the heads up it won't be passed due to Cineplex's position and pull out.
Just for info/views on this: the permission by Canadian authorities for the sale to proceed was crucial - and presumably, bearing in mind the time period this was initially discussed, would be outside any pandemic clauses - if indeed any clauses affect the permission at all. Both parties were happy to proceed, everyone slapping backs and lighting cigars. Then, when it all started going wrong, we just dragged our feet bigtime to run down the clock...(the onus was entirely on us to get Canadian permission and nothing plex could do could change that). Maybe, on the 11th, the regulators told us in writing that ' due to insufficient time now remaining until the end date on the 30th to further discuss and finalise this matter, there is absolutely no way we can now authorise this sale'.....Simplistic I know, but just a thought.