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BRIEF-Cineworld Group Says Proposed Acquisition Of Regal Entertainment Group
December 5, 2017 / 7:30 AM / 6 days ago

BRIEF-Cineworld Group Says Proposed Acquisition Of Regal Entertainment Group

Dec 5 (Reuters) - Cineworld Group Plc:

* REACHED AGREEMENT ON TERMS OF A RECOMMENDED PROPOSAL FOR CINEWORLD TO ACQUIRE, FOR CASH, ENTIRE ISSUED SHARE CAPITAL OF REGAL​

* ‍DEAL COMPLETION IS EXPECTED TO OCCUR DURING Q1 OF 2018​

* SAYS ACQUISITION PRICE OF US$23.00 PER REGAL SHARE VALUES ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF REGAL AT US$3.6 BLN

* DEAL COMPLETION IS EXPECTED TO OCCUR DURING Q1 OF 2018​

* CO‘S RETURN ON INVESTED CAPITAL ASSOCIATED WITH ACQUISITION EXPECTED TO MEET ITS COST OF CAPITAL IN FIRST FULL YEAR AFTER COMPLETION​

* SAYS DEAL FOR IMPLIED ENTERPRISE VALUE OF US$5.8 BLN

* CO‘S BOARD EXPECTS TO BE ABLE TO MAINTAIN CO‘S EXISTING DIVIDEND POLICY AFTER COMPLETION

* SAYS EXPECTS AFTER DEAL ENLARGED GROUP WILL BE ABLE TO ACHIEVE ANNUALISED PRE-TAX COMBINATION BENEFITS OF US$100 MLN

* DEAL TO BE FUNDED BY PROCEEDS OF RIGHTS ISSUE BY CINEWORLD AND PART OF ABOUT $4.0 BLN TO BE RAISED THROUGH COMMITTED DEBT FACILITIES​ Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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