{"id":25111,"date":"2017-12-04T05:02:30","date_gmt":"2017-12-04T05:02:30","guid":{"rendered":"http:\/\/www.bnreport.com\/this-fund-manager-has-condemned-the-2-7bn-cineworld-regal-deal\/"},"modified":"2017-12-04T05:02:31","modified_gmt":"2017-12-04T05:02:31","slug":"this-fund-manager-has-condemned-the-2-7bn-cineworld-regal-deal","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/this-fund-manager-has-condemned-the-2-7bn-cineworld-regal-deal\/","title":{"rendered":"This fund manager has condemned the \u00a32.7bn Cineworld-Regal deal"},"content":{"rendered":"

One of the UK's best known asset managers, which is also a shareholder in Cineworld<\/a>, has condemned a proposed \u00a32.7bn deal <\/a>for the cinema chain to acquire US rival Regal.<\/p>\n

Jupiter Asset Management, which owns 0.3 per cent of London-listed Cineworld, believes the business has gone beyond its remit with the proposed purchase of Regal which would involve a hefty new rights issue.<\/p>\n

It has raised concerns that the chain would bite off more than it could chew by entering the US markets, which it sees as a massive unknown.<\/p>\n

Read more: <\/strong>Picturehouse Cinemas narrows losses while staff approve fresh strike action<\/a><\/p>\n

\u201cWe invested in a business that was growing nicely in the UK and Europe, investing in new locations, new products and refurbishing existing sites. There was an expectation that there were more bolt-ons or larger acquisitions in new European markets,\u201d said Jupiter equities fund manager Alastair Gunn.<\/p>\n

\u201cMost shareholders would have been up for a \u00a3300m to \u00a3500m deal. We had options on mergers and acquisitions, buybacks, dividends and growth. This deal will completely change the balance sheet, and will fall on existing shareholders.\u201d<\/p>\n

In contrast to Gunn's negativity, analysts were generally supportive of the deal when it was announced last week.<\/p>\n

Read more: <\/strong>Cineworld shares plummet on prospect of takeover-related rights issue: Here's how analysts are reacting<\/a><\/p>\n

\u201cTo strike now, when AMC (the US Number One and biggest global cinema operator) is suffering so much, is a brilliant move by Cineworld, in our view, as it reverses the tables and would push it into the challenger position in the world's largest cinema market,\u201d said Canaccord Genuity's Nigel Parson.<\/p>\n

Cineworld said it was in \u201cadvanced discussions\u201d to complete the deal, and that any rights issue would have a \u201ccommitment to full subscription\u201d from its largest shareholder Global City Holdings.<\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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CityAM<\/a><\/h5>\n

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