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Cineplex Provides an Update on Status of Investment Canada Review
Cineplex Provides an Update on Status of Investment Canada Review Canada NewsWire ...
About this update from Cineplex Inc.
[{"type":"text","content":"\n\n\n\nCineplex Provides an Update on Status of Investment Canada Review\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, June 1, 2020\n\n\n\nTORONTO, June 1, 2020 /CNW/ - (TSX: CGX) – Cineplex Inc. (\"Cineplex\") today provided an update on the status of the process to obtain Investment Canada Act approval (the \"ICA Approval\") in connection with its previously-announced transaction with Cineworld Group plc (LSE: CINE) (\"Cineworld\") pursuant to which an indirect wholly-owned subsidiary of Cineworld has agreed to acquire all of the issued and outstanding common shares of Cineplex (the \"Transaction\").\n\n \n \n \n \n \n \n\n \nPursuant to the arrangement agreement among Cineplex and Cineworld dated December 15, 2019 (the \"Arrangement Agreement\"), Cineworld and Cineplex are obligated to use reasonable best efforts to obtain the requisite ICA Approval so as to enable the closing of the Transaction to occur as soon as reasonably practicable (and in any event no later than June 30, 2020 (the \"Outside Date\")). Receipt of the ICA Approval is a condition to closing the Transaction. The process to obtain the approvals under the Investment Canada Act is ongoing and the period for review of the Transaction has been extended to June 15, 2020.\nClosing of the Transaction remains subject to the satisfaction or waiver of certain conditions that have not yet been satisfied, including receipt of the ICA Approval, the representations and warranties of the parties remaining true and correct (subject to certain materiality qualifiers), the parties having fulfilled or complied in all material respects with each of their covenants contained in the Arrangement Agreement, and as at the date of closing of the Transaction, Cineplex shall have no more than $725 million outstanding under its credit agreement, subject to certain exclusions. There can be no assurance that the ICA Approval or the other conditions to closing the Transaction will be satisfied or waived by the Outside Date, in which case the Transact...