NEW YORK, N.Y. – AMC Theatres is making its final bid for Carmike Cinemas Inc., offering to buy the movie theatre operator in an approximately $1.2 billion deal including debt.
AMC, which was bought by Chinese conglomerate Dalian Wanda Group in 2012, made an initial offer of $1.1 billion for Carmike in March. Both offers include the assumption of Carmike debt.
The final bid includes approximately $585 million in cash and $250 million in AMC’s Class A common stock. Carmike shareholders can choose $33.06 in cash or 1.0819 AMC shares per share. That’s an additional $3.06 per share more than the prior offer, AMC said Monday.
Both companies’ boards have approved the transaction, which is expected to close by year’s end. It still needs approval from Carmike’s shareholders.
Carmike is based in Columbus, Georgia. AMC is based in Leawood, Kansas.