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ISS and Glass Lewis Support Plan of Arrangement Between Cineplex and Cineworld
ISS and Glass Lewis Support Plan of Arrangement Between Cineplex and Cineworld Can...
About this update from Cineplex Inc.
[{"type":"text","content":"\n\n\n\nISS and Glass Lewis Support Plan of Arrangement Between Cineplex and Cineworld\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, Jan. 30, 2020\n\n\n\nTORONTO, Jan. 30, 2020 /CNW/ - (TSX: CGX) – Cineplex Inc. (\"Cineplex\") today announced that Institutional Shareholder Services Inc. (\"ISS\") and Glass, Lewis & Co., LLC (\"Glass Lewis\"), two leading independent proxy advisory firms, have both recommended that Cineplex shareholders vote FOR the special resolution at the upcoming special meeting (the \"Meeting\") of Cineplex shareholders. The Meeting has been scheduled to approve a statutory plan of arrangement under the laws of the Province of Ontario, pursuant to which Cineworld Group plc (LSE: CINE) (\"Cineworld Group\"), through an indirect wholly-owned subsidiary, has agreed to acquire all of the issued and outstanding common shares of Cineplex for $34 per share in cash (the \"Transaction\"). \n\n \n \n\n \nIn their analyses, both ISS and Glass Lewis refer to the premium for Cineplex shareholders, the certainty of value and immediate liquidity from the cash consideration and the inclusion of a go-shop period which allows Cineplex to solicit other offers as factors supporting their FOR recommendations.\nThe board of directors of Cineplex (the \"Board\"), after consultation with its financial and legal advisors, and based upon, among other things, the fairness opinion of its financial advisor, has unanimously determined that the Transaction is in the best interests of Cineplex and that the consideration of $34 per share to be received by Cineplex shareholders pursuant to the Transaction is fair to Cineplex shareholders. The Board, therefore, unanimously recommends that Cineplex shareholders vote in favour of the Transaction. \nThe Meeting is scheduled to be held on February 11, 2020 at 4:00 p.m. (Toronto Time) at Goodmans LLP, 333 Bay Street, Suite 3400, Toronto, Ontario. Cineplex shareholders of record as of the close of business on December 31, 2019 are entitled to receive notice of and to vote at ...