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Article: Cineplex Odeon sells 49 percent Film House interest to Rank. (Rank Organization PLC, Film House Group Inc.)
- Article from:
- PR Newswire
- Article date:
- December 16, 1988
CopyrightCOPYRIGHT 1988 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CINEPLEX ODEDON SELLS 49 PERCENT FILM HOUSE INTEREST TO RANK
TORONTO, Dec. 16 /PRNewswire/ -- Garth H. Drabinsky, chairman, president and chief executive officer of Cineplex Odeon Corp. (NYSE, TSE: CPX), today announced that Cineplex has entered into an agreement, subject to regulatory approval, with the Rank Organisation PLC of London, for the sale of the assets of Cineplex's wholly owned subsidiary, the Film House Group Inc., to a partnership to be beneficially owned 49 percent by Rank and 51 percent by Film House. The cash proceeds on the completion of the transaction are approximately US$73,500,000, subject to adjustments. These proceeds are payable to ...