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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Shoot1st who wrote (2583)	5/14/1998 11:38:00 AM
From: musicguy	Respond to of 25711

CPX.. It might be showtime: Posted by Larry on CPX thread "Cineplex close to completing deal with Sony unit Barbara Shecter 05/14/98 The Financial Post Daily Page 8 (c) Copyright 1998 The Financial Post Company A notice filed with the Toronto Stock Exchange yesterday shows Cineplex Odeon Corp. expects to complete its merger with a unit of Sony Corp. today. "We will be closing shortly, but I can't comment on a specific day," Cineplex spokesman Howard Lichtman said yesterday. Completion of the merger with Sony's Loews Theaters group is conditional on securing a US$1-billion line of credit. The companies have been negotiating with several financial institutions. The deal received clearance from U.S. regulators last month. Shares in the merged movie theatre chain - which will have 2,700 screens in 425 locations and be called Loews Cineplex Entertainment Corp. - are to begin trading on the Toronto and New York stock exchanges tomorrow, according to the document filed with the TSE. Cineplex shareholders are to receive one share in the new company for every 10 Cineplex shares. Fractions will be paid out in cash. The Canadian company, which had been laboring under a heavy debt load, said it needed the merger to expand. The new chain will be one of the biggest movie exhibitors in North America. It was to be the largest by revenue, with nearly US$1 billion in annual sales, and the second-largest in size, but a recent wave of mergers in the U.S. resulted in chains that matched or exceeded its size. Cineplex shares (CPX/TSE) closed unchanged yesterday at $2.55. In New York, the shares (CPX/NYSE) rose 1/16 to US$1 13/16.