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Activist fund Elliott Management is reportedly pursuing ailing movie theater chain Cineworld Group plc (OTC:CNNWQ) (OTC:CNWGQ).
Paul Singer-owned Elliott is looking to buy Cineworld’s operations in eastern Europe and Israel, Sky News reported on Saturday. The fund was contemplating a bid for the whole of the U.K.-based theater chain but opted to leave out the company’s U.K. and U.S. operations, according to the report.
Cineworld, the second-largest theater chain, is currently under bankruptcy protection and expects to emerge out of the process in the first half of this year.
Rival AMC Entertainment Group, Inc. (NYSE:AMC) had earlier been interested in buying theaters from Cineworld, which runs Regal Cinemas. AMC, however, backtracked and noted in a filing in late December that discussions with Cineworld's lenders about buying the company’s assets in Europe and the U.S. ended.
A spokesman for Elliott declined to comment to Sky News about the potential deal.
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Photo: Alex Litvin via Unsplash
