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Cineplex Inc said on Friday it adopted a shareholder rights plan, popularly known as a "poison pill", nearly a week after Britain's Cineworld Group Plc abandoned its $1.65 billion deal to buy the Canadian theater chain. Pandemic impact on Cineplex stock Cineplex stock started 2020 close to $34 per share. All rights reserved. for damages and losses following a failed takeover. Cineplex stock plunges to record low as James Bond film delayed Back to video Cineplex fell 27 per cent to $4.93 at 1:25 p.m. trading in Toronto in its biggest intra-day decline since March 17, when Canada’s largest movie-theatre chain first closed locations to limit the spread of COVID-19. Find the latest CINEPLEX INC. (CGX.TO) stock quote, history, news and other vital information to help you with your stock trading and investing. theater chain. With theatres forced to close again due to rising COVID-19 cases, the company is heading towards the cliff. Contrarian investors who missed the August rally want to know if this is a good time to add Cineplex stock to their portfolios. Information, analytics and exclusive news on financial markets - delivered in an Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. pill", nearly a week after Britain's Cineworld Group Plc © 2020 Verizon Media. Now he’s predicting a new “cash frenzy” in 2020. Learn more about Thomson Reuters products: All quotes delayed a minimum of 15 minutes. scrapped its $1.65 billion buyout deal last month. Britain's Cineworld Group Plc said on Friday it abandoned its $1.65 billion (1.32 billion pounds) deal to buy Cineplex Inc, citing what it termed the Canadian company's breaches in the merger agreement between the cinema operators. "Cineworld is entitled to recover from Cineplex all damages and losses that it has suffered as a result of Cineplex's breaches and the acquisition not proceeding," Cineworld said in a statement. The news is scaring investors and sending the stock plummeting. , seeking damages after the British company "wrongfully" intuitive desktop and mobile interface, Everything you need to empower your workflow and enhance your enterprise data Puedes cambiar tus opciones en cualquier momento visitando Tus controles de privacidad. Cineworld said on Monday it planned to make a counter-claim against Cineplex following the Canadian cinema chain's legal action against the British group for damages after it scrapped a $1.65 billion takeover. Cineplex said last week it was suing Cineworld for damages, including about C$2.18 billion that Cineworld would have paid on closing of the deal. Nosotros y nuestros socios almacenaremos y/o accederemos a la información de tu dispositivo mediante el uso de cookies y tecnologías similares, a fin de mostrar anuncios y contenido personalizados, evaluar anuncios y contenido, obtener datos sobre la audiencia y desarrollar el producto. Tip: Try a valid symbol or a specific company name for relevant results, India markets close in 4 hours 13 minutes, Other OTC - Other OTC Delayed Price. Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. "The contractual agreements between the parties expressly exclude outbreaks of illness, such as the COVID-19 pandemic, as a circumstance entitling Cineworld to terminate the arrangement," Cineplex said in a statement. Get the latest CINEPLEX INC (CPXGF) stock news and headlines to help you in your trading and investment decisions. Cineplex claims that Cineworld breached its obligations and duty of "good faith and honesty" in contractual performance. Información sobre tu dispositivo y conexión a Internet, incluida tu dirección IP, Actividad de navegación y búsqueda al utilizar sitios web y aplicaciones de Verizon Media. The Cineplex claim seeks damages, including about $2.18 billion that Cineworld would have paid upon the closing of the deal, and the failure of Cineworld to repay the company's about $664 million in debt and transaction expenses. Currency in USD, Trade prices are not sourced from all markets, Millionaire Investor Alerts: “Get out of Cash Now”. The company has three business segments, Film Entertainment and Content, Media and Amusement and Leisure. July 3 Canadian movie theater operator Cineplex On October 19, 2020, the share price is $4.88 or a year-to-date loss of 86%. Here’s how you can prepare. Cineworld said on Monday it did not breach any obligations or duties and said if Cineplex's claim was successful, it would be limited to its costs and expenses incurred as part of the deal.

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