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Cineworld announce deal to buy Regal Entertainment, shares fall

06 December, 2017, 01:05 | Author: Melinda Barton
  • The latest Star Wars installment The Last Jedi is set to boost cinema takings over Christmas
Credit Lucasfilm Ltd

Amy Miles, the Regal chief executive, said the offer represented "a meaningful premium on Regal's unaffected share price" and provided "compelling value for our stockholders".

The acquisition is expected to be strongly accretive to earnings in the first full year following Completion in fiscal 2019.

Cineworld, Britain's biggest cinema operator, would pay $23 a share for Regal, which runs 561 theater locations, including five in the Baltimore region. Finally, Credit Suisse Group decreased their price objective on shares of Regal Entertainment Group from $17.00 to $13.00 and set an underperform rating for the company in a report on Thursday, September 28th. Alliancebernstein L.P. now owns 10,092,993 shares of the company's stock worth $206,503,000 after acquiring an additional 1,048,051 shares in the last quarter. Regal Entertainment Group had a negative return on equity of 16.36% and a net margin of 4.41%.


RGC's mean recommendation on Reuter's scale slipped from 2.33 thirty days ago to 2.15 now, which indicates a hold consensus from the analyst community. The volume of RGC witnessed a shift from 5.93 million shares, based on a 50-day average, to 5 million shares.

While looking at the Stock's Performance, Regal Entertainment Group now shows a Weekly Performance of 18.02%, where Monthly Performance is 30.24%, Quarterly performance is 32.34%, 6 Months performance is -1.16% and yearly performance percentage is -6.82%. The firm had revenue of $716.00 million during the quarter, compared to analyst estimates of $701.66 million. They expect this year's earnings to fall -14.41% year-over-year to $0.95, followed by 11.58% growth in the next year to $1.06. This represents a $0.88 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend is Friday, December 1st. Regal Entertainment Group's payout ratio is 81.48%. California State Teachers Retirement System now owns 175,987 shares of the company's stock valued at $3,828,000 after buying an additional 1,700 shares during the last quarter. This buyback authorization allows the company to purchase up to 2.2% of its stock through open market purchases. If you are reading this story on another publication, it was illegally stolen and republished in violation of USA & global trademark and copyright law.

The Financial Times reported Tuesday that the all-cash buyout would bring the merged company up to a total of 9,500 screens, making it "the world's second largest cinema chain by number of screens behind AMC Theatres, owned by China's Dalian Wanda Group".

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