IMAX’s $124 Million Buyout Proposal of China Unit Falls Through

IMAX China said on Tuesday that its shareholders have rejected a proposal of its U.S.-based parent to buy the remaining stake in the Hong Kong-listed company for about $124 million.

IMAX, which currently owns 71.6% of its Chinese subsidiary, had offered to buy IMAX China at HK$10 ($1.28) per share in July, a 49% premium to the 30-day average closing price at the time.

The remaining 28.4% stake of IMAX China was valued at about$98.7 million, as of the company’s last closing price.

Read the source article at Yahoo Finance