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Investing.com — Shares in Cineworld Group (LON:CINE) surged on Monday after Sky News reported that buyout group CVC is exploring a possible takeover of the stricken theater chain’s assets in eastern Europe and Israel.
CVC is competing against U.S. activist investor Elliott Management for the divisions, Sky News added, citing unspecified “City sources.” Neither CVC nor Elliott are pursuing offers for Cineworld’s U.K. or U.S. units, according to Sky News.
CVC declined to comment to Sky News.
London-listed Cineworld has units worth about an estimated $500 million outside of the U.K. and U.S., Sky News reported, with operations in the Czech Republic, Hungary, Bulgaria, Romania, Slovakia and Israel.
Last month, Cineworld said it had received non-binding proposals from several suitors for some or all of the group, adding that none of the proposals involved an all-cash bid for the entire business.
