US cinema giant AMC Entertainment Inc’s board agreed last week to a $US2 billion buyout by JP Morgan Partners LLC and Apollo Management LP.
Edward Durwood founded AMC in 1920 with one screen in Kansas. His son, Stanley, opened the first multiplex in 1963 and the company remained innovative. It now has 3554 screens in 232 cinemas in 8 countries.
JP Morgan Partners is the private equity arm of JP Morgan Chase & Co while Apollo is a private investment firm.
The $US19.50/share offer is at a 37% premium to market.