AMC Entertainment buys Carmike Cinemas in sweetened deal

AMC Entertainment is to takeover Carmike Cinemas in a deal worth $1.2bn, the companies announced on Monday.

The transaction consists of about $585m in cash and $250m in stock, plus debt, which is about 10% higher than AMC’s original $30 per share all-cash offer.

A vote to approve the deal was twice postponed after some Carmike shareholders voiced concerns that the sale price was too low.

The Carmike board has now unanimously approved the amended agreement and recommended shareholders vote in favour of the deal.