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March 3, 2016, 8:04 p.m. EST

AMC to buy Carmike, becoming world’s biggest theater chain

Chinese-owned company makes $1.1 billion acquisition

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By Erich Schwartzel


Ken Wolter/Shutterstock
An AMC Entertainment IMAX theater is seen in Sunnyvale, Calif.

AMC Entertainment Holdings Inc. agreed to buy Carmike Cinemas Inc. in a deal that would make a Chinese-owned company the largest movie-theater operator in the U.S.

AMC /quotes/zigman/21316533/composite AMC -2.08%   will pay $30 a share for Carmike  for a total payout of $1.1 billion, including the assumption of some Carmike debt, the companies said Thursday. The price is a nearly 20% premium to Carmike’s closing share price of $25.11 on Nasdaq.

The deal would also make AMC the world’s largest movie-theater operator.

AMC was purchased in 2012 by China’s Dalian Wanda Group Corp. for $2.6 billion. AMC’s 5,425 screens are concentrated in urban locations, while Carmike’s roughly 2,954 screens tend to be in more suburban and rural areas.

An expanded version of this report appears on WSJ.com.

/quotes/zigman/21316533/composite
US : U.S.: NYSE
$ 15.33
-0.33 -2.08%
Volume: 1.77M
Sept. 20, 2017 2:29p
P/E Ratio
N/A
Dividend Yield
5.20%
Market Cap
$2.05 billion
Rev. per Employee
$101,312
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