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News Breaks | | | | November 18, 2012 | | 13:43 EDT |  | CNK | Cinemark to acquire 32 theatres from Rave Cinemas
Cinemark USA and Rave Real Property Holdco, an affiliate of Rave Cinemas announced that they have entered into an asset purchase agreement pursuant to which Cinemark will acquire substantially all of the assets of Rave, primarily consisting of 32 theatres located in 12 states, representing 483 screens, for a purchase price of approximately $240 million. The purchase price, the amount of which is subject to certain closing date adjustments, will consist of cash consideration and the assumption of certain liabilities. “The acquisition of these high quality assets will further enhance Cinemark’s diversified domestic footprint, including the expansion of our presence in the New England market,” stated Tim Warner, Cinemark’s Chief Executive Officer. | |
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| May 20, 2013 | | 16:29 EDT | | CNK | DoJ reaches settlement with Cinemark in Rave Holdings deal
The Department of Justice announced that it has reached a settlement with Cinemark Holdings and Rave Holdings that requires Cinemark to divest movie theaters in Kentucky, New Jersey and Texas, in order to proceed with its $220M acquisition of Rave Cinemas movie theaters. In addition, Cinemark’s chairman is required to divest Movie Tavern, which operates theaters in Ft. Worth and Denton, Texas, that compete with Rave Cinemas. Reference Link | |
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