Knoxville, Tennessee-based Regal Entertainment Group is being bought out for $3.6 billion by the U.K.’s Cineworld movie-theater chain, Variety reported Tuesday, amounting to a $23-per-share payout to stockholders.
“Because of the size of the transaction, and the relative sizes of Cineworld and Regal, the acquisition has been classified as a reverse takeover,” Variety said. “It is subject to approval by Cineworld shareholders, who will be notified of a meeting and given more details on the merger next month.”
