RE: Deadline for offers13 Feb 2023 15:42
write up from PROACTIVE say the same later this week''
12.40pm: Vue lines up financing to bid for Cineworld - reports
Shares in Cineworld Group PLC (LSE:CINE) soared 21% on reports that Vue International, Europe's biggest privately owned cinema operator, has lined up financial backing from its new shareholders to help assemble a takeover tilt at Cineworld, its stricken rival.
Sky News has learnt that funds managed by Barings and Farallon Capital Management have agreed to provide capital to Vue International to support strategic acquisitions.
City sources said that Vue, with support from the two funds, would be among the bidders for Cineworld ahead of a deadline set by the latter's advisers later this week.
Revealed: The cinema operator Vue International has lined up financial backing from shareholders Barings and Farallon Capital Management to support a blockbuster takeover bid for Cineworld, its stricken rival, ahead of a deadline for offers this week. https://t.co/nBgWx9fL71
— Mark Kleinman (@MarkKleinmanSky) February 13, 2023
Cineworld, which is listed in London and like Vue ranks among Britain's biggest cinema chains, has filed for Chapter 11 bankruptcy protection in the US, and is now running a formal auction of its assets.
Last month, the company announced that it would "run a marketing process in pursuit of a value maximizing transaction for the Group's assets, focused on proposals for the Group as a whole".
Shares in Cineworld are up 21.40% in London on Monday at 5.15p while