Cineplex wants to sue Cineworld Group after the latter axed plans to buy the Canadian company in a $1.65bn (£1.32bn) deal.Last month, Cineworld said it had become aware of certain breaches by Cineplex and decided not to go ahead with the deal. It also wants to be compensated for other losses, including Cineworld’s failure to repay or refinance Cineplex’s C$664 million in debt and transaction expenses. The merger of Cineworld and Cineplex will end AMC's run as North America's biggest cinema operator, though the Leawood-based company remains the biggest in the world. On June 12, 2020, Cineworld announced that it would not be proceeding with the acquisition of Cineplex. Cineworld Group PLC said Monday that Canada's Cineplex Inc. has started legal proceedings against it in relation to its termination last month of a … CNWGY - key executives, insider trading, ownership, revenue and average growth rates. Cineworld said Cineplex breached the terms of their merger agreement and was unwilling to correct the situation Skip to main content Main navigation. Photo: Nathan Stirk/Getty Images. Toronto-based Cineplex is seeking damages including the C$2.18 billion ($1. About us Click here to open. Cineplex accuses Cineworld of "buyer's remorse" and seeking to avoid its obligations under the merger agreement because of the COVID-19 pandemic. Cineplex wants to sue Cineworld Group after the latter axed plans to buy the Canadian company in a $1.65bn (£1.32bn) deal. Today News || Cineplex Inc. has filed a lawsuit against its former suitor Cineworld Group PLC, seeking damages over the U.K. company's failed acquisition Cineworld reports and presentation. Detailed company description & address for Cineworld Group PLC ADR. Britain's Cineworld Group Plc said on Friday it abandoned its deal to buy Canada's Cineplex Inc, citing breaches in the merger agreement between the cinema operators. Matthew Heller U.K-based Cineworld has called off a $2.1 billion deal to acquire Canada’s Cineplex, setting the stage for a legal battle between the two giant movie theater operators. The deal was announced in December and would have made the British firm North America's biggest cinema operator. (Bloomberg) -- Cineplex Inc. has begun legal proceedings against Cineworld Group Plc after the latter backed out of a deal that would have created the biggest operator of movie theaters in North America. Cineplex sues former merger partner Cineworld for $2.1B July 6, 2020 Express Informer Cineplex Inc. has filed a lawsuit against its former suitor Cineworld Group PLC, seeking damages over the U.K. company’s failed acquisition that could exceed the $2.18 billion outstanding on the deal. Cineplex wants to sue Cineworld Group after the latter axed plans to buy the Canadian company in a $1.65bn (£1.32bn) deal.Last month, Cineworld said it had become aware of certain breaches by Cineplex and decided not to go ahead with the deal. (Reuters) - Britain's Cineworld Group Plc (L: CINE) said on Friday it abandoned its $1.65 billion (1.32 billion pounds) deal to buy Cineplex Inc (TO: CGX), citing what it termed the Canadian company's breaches in the merger agreement between the cinema operators.. Cineplex Says It Starts Litigation Against Cineworld Over Merger Back to video. Cineplex to start legal proceedings after Cineworld backs out of $2.15-billion takeover . Cineplex wants to sue Cineworld Group after the latter axed plans to buy the Canadian company in a $1.65bn (£1.32bn) deal.Last month, Cineworld said it had become aware of certain breaches by Cineplex and decided not to go ahead with the deal. 2-min read. 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