|
|
 
|
|
Author
|
Topic: For Sale: AMC Theatres
|
Mark J. Marshall
Film God
Posts: 3188
From: New Castle, DE, USA
Registered: Aug 2002
|
posted 07-21-2004 11:52 AM
Linky
AMC Shares Surge on Buyout Reports
7/20/2004 4:17:00 PM
KANSAS CITY, Mo., Jul 20, 2004 (AP Online via COMTEX) -- AMC Entertainment Inc.'s shares surged more than 22 percent Tuesday on reports that private equity firm J.P. Morgan Partners was negotiating to buy the movie theater company.
J.P. Morgan Partners, the private equity arm of J.P. Morgan Chase & Co., is in "advanced talks" to take AMC private for $19 to $20 per share, plus assumption of debt, The New York Post reported Tuesday. The Post, citing unidentified sources, said terms were still being negotiated and the deal could still fall through.
Officials with J.P. Morgan Partners and Kansas City-based AMC didn't immediately return phone calls Tuesday from The Associated Press seeking comment.
Shares in AMC rose $3.19 to $17.41 in afternoon trading on the American Stock Exchange.
AMC, the industry's second-largest chain, and Loews Cineplex, the No. 4 chain, had said in late 2003 that they were discussing a possible merger that would have created a rival to industry leader Regal Cinemas. But nothing came of the talks, which the companies ended in January.
A group of investors led by Bain Capital bought Loews last month for $1.46 billion. That came on the heels of a deal in March in which Madison Dearborn Partners bought Cinemark Inc., the No. 3 theater chain, for $1.6 billion.
Analysts said they see this year's buying spree as proof the theater industry is finally recovering from the struggles of the late 1990s. During that time, most theater chains invested heavily in building new megaplex-style theaters and several had to declare bankruptcy.
AMC avoided bankruptcy and has been working to eliminate debt. In addition, AMC and some other chains did not built many new theaters, and instead leased properties from developers or specialty landlords.
"Investors are looking for companies with stable business models and fairly high free cash-flow returns and attractive yields," said analyst Jeffrey Logsdon of Harris Nesbitt.
Logsdon said AMC's growth plans would not likely change as a private company and it could actually save money on the many legal and regulatory requirements imposed on public companies.
AMC operates 232 theaters with 3,554 screens in the United States, Canada, France, Hong Kong, Japan, Portugal, Spain and the United Kingdom. The company had revenues last year of $1.8 billion.
| IP: Logged
|
|
|
|
|
|
|
|
Mark J. Marshall
Film God
Posts: 3188
From: New Castle, DE, USA
Registered: Aug 2002
|
posted 07-22-2004 11:30 AM
Sold. Thanks for all the inquiries! ![[Big Grin]](biggrin.gif)
AMC to Be Sold in Deal Worth $2 Billion
7/22/2004 12:02:00 PM
KANSAS CITY, Mo., Jul 22, 2004 (AP Online via COMTEX) -- AMC Entertainment Inc., the nation's second-largest theater exhibition company, said Thursday it will be sold in a deal worth $2 billion.
Marquee Holdings Inc., a joint operation of private equity firm J.P. Morgan Partners and AMC's current majority owner, Apollo Management LP, plans to buy the company and take it private, paying stockholders $19.50 per share.
AMC shares were selling at $17.16 on the American Stock Exchange Thursday before trading was halted for the announcement. The offer from Marquee Holdings represents a 14 percent premium on that, and 37 percent over what the shares were worth Monday when published reports said J.P. Morgan Partners was looking to buy the company.
If approved by shareholders and regulators, J.P. Morgan Partners - the private equity arm of J.P. Morgan Chase & Co. - would own 50.1 percent of the company. AMC's existing management would continue to run the company.
AMC said the deal includes $1.67 billion in equity and the assumption of $748 million in debt less $399 million in cash and equivalents.
If consummated, it would be the third deal involving a theater company this year. A group of investors led by Bain Capital bought Loews Cineplex, the No. 4 chain, last month for $1.46 billion. In March, Madison Dearborn Partners bought Cinemark Inc., the No. 3 theater chain, for $1.6 billion.
AMC and Loews had said in late 2003 that they were discussing a possible merger that would have created a rival to industry leader Regal Cinemas. But nothing came of the talks, which the companies ended in January.
AMC operates 232 theaters with 3,554 screens in the United States, Canada, France, Hong Kong, Japan, Portugal, Spain and the United Kingdom. The company had revenues last year of $1.8 billion.
| IP: Logged
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dennis Benjamin
Phenomenal Film Handler
Posts: 1445
From: Denton, MD
Registered: Feb 2002
|
posted 07-28-2004 07:39 PM
http://www.kansascity.com/mld/kansascity/business/9230357.htm
quote:
AMC Sued Over Planned Buyout; Multiple Filings at SEC
7/27/2004
"AMC Entertainment Inc., which on Thursday revealed it's going private, is being sued along with one of the entities buying the Kansas City-based movie exhibitor," reports the Kansas City Star.
Also: The following recent SEC filings relate to AMC: 8-K: "On July 26, 2004, AMC Entertainment Inc., together with Marquee Holdings Inc. and Marquee Inc., issued a press release announcing the commencement of an offering by (i) Marquee Inc. of $150 million aggregate principal amount of its Senior Notes due 2012 and $305 million aggregate principal amount of its Senior Floating Rate Notes due 2011 and (ii) Marquee Holdings Inc. of its Senior Discount Notes due 2014, which will generate aggregate gross proceeds of $170 million, each in a private placement offering."
8-K: "On July 22, 2004, AMC Entertainment Inc. entered into a merger agreement pursuant to which AMC Entertainment Inc. will be acquired by Marquee Holdings Inc., a newly created investment vehicle owned by affiliates of J.P. Morgan Partners, the private equity arm of JPMorgan Chase & Co., and affiliates of Apollo Management, L.P., a private investment firm. Upon consummation of the merger, Marquee Inc., a wholly-owned subsidiary of Marquee Holdings Inc., will merge with and into AMC Entertainment, Inc., with AMC Entertainment Inc. remaining as the surviving entity. The closing of the merger is subject to certain terms and conditions customary for transactions of this type, including receipt of shareholder and regulatory approvals and the completion of financing."
8-K: "We are furnishing information under this Form 8-K regarding our projections of screen openings, screen closings, capital expenditures and proceeds from sale/leasebacks for fiscal years 2005 through 2007."
SC 13D/A Amended General Statement of Beneficial Ownership: For Apollo Investment Fund IV, L.P.
For access to the SEC filings in HTML, PDF or Excel format, go to http://www.investor.amctheatres.com/edgar.cfm.
[ 07-29-2004, 08:02 AM: Message edited by: Dennis Benjamin ]
| IP: Logged
|
|
|
|
All times are Central (GMT -6:00)
|
|
Powered by Infopop Corporation
UBB.classicTM
6.3.1.2
The Film-Tech Forums are designed for various members related to the cinema industry to express their opinions, viewpoints and testimonials on various products, services and events based upon speculation, personal knowledge and factual information through use, therefore all views represented here allow no liability upon the publishers of this web site and the owners of said views assume no liability for any ill will resulting from these postings. The posts made here are for educational as well as entertainment purposes and as such anyone viewing this portion of the website must accept these views as statements of the author of that opinion
and agrees to release the authors from any and all liability.
|
Home
![[Mad]](mad.gif)
![[Smile]](smile.gif)
![[thumbsdown]](graemlins/thumbsdown.gif)
![[Cool]](cool.gif)
![[Roll Eyes]](rolleyes.gif)
.
Printer-friendly view of this topic