LOS ANGELES -- AMC Entertainment Holdings Inc. is considering abandoning its attempt to buy Carmike Cinemas Inc. and become the nation's largest movie theater chain, pushing the smaller company to postpone its shareholder vote on the deal.
The potential transaction "is now at considerable risk," AMC Chief Executive Adam Aron said in a statement Thursday, the same day Carmike shareholders were scheduled to vote.
Carmike said it has rescheduled its vote for July 15 at AMC's request. Aron said the two-week delay would provide "time for all concerned to determine if this transaction will be preserved or instead abandoned."
AMC agreed in March to buy Carmike for $30 a share in a deal that was valued at $1.1 billion.
By buying Carmike, which is based in Columbus, Ga., and has 274 locations, AMC, based in Leawood, Kan., would expand its reach to 653 theaters. The combined chain would surpass Regal Cinemas for largest in the nation.
Business on 07/01/2016