Vue International's ambition of merging with its financially troubled London-listed rival has hit the buffers after being frozen out of an emergency sale process, Sky News learns
"The company has now received non-binding proposals from a number of potential transaction counterparties for some or all of the group's business," it said in a stock exchange announcement.Vue had lined up financial backing from its new shareholders to help assemble a takeover tilt at Cineworld.
Funds managed by Barings and Farallon Capital Management, as well as at least one other backer, are understood to have agreed to provide capital to Vue's chief, Tim Richards, to support potential acquisitions. Cineworld's shares have slumped by over 90% during the last year, and the entire group now has a market value of less than £45m, reflecting the fact that its investors face being wiped out in any sale.
The cinema industry has been bolstered by the recent release of hits such as the Avatar sequel, while two of the top three biggest films in UK history have been released in the last couple of years - Daniel Craig's final appearance as James Bond in No Time to Die, and Spiderman: No Way Home. Mr Richards, who also chairs the British Film Institute, has talked about the post-pandemic era becoming"the second golden age of cinema" as audiences flock back to entertainment destinations.Vue declined to comment, and Cineworld has been contacted for comment.
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