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AMC

AMC Entertainment

$34.55

0.65 (1.92%)

, CKEC

Carmike Cinemas

$33.90

0.05 (0.15%)

09:02
11/30/16
11/30
09:02
11/30/16
09:02

AMC Entertainment announces acquisition completion of Odeon & UCI Cinemas

AMC Theatres announced it has completed its acquisition of the largest theatre exhibitor in Europe, London-based ODEON & UCI Cinemas Holdings from private equity firm Terra Firma in a transaction valued at approximately $1.2B. Combining both AMC and ODEON together, AMC now operates 636 theatres with 7,623 screens in eight countries, making it the largest movie exhibition company in the world. With the change in ownership, AMC intends to change the organization's name to ODEON Cinemas Group. There also will be a transition in leadership at ODEON Cinemas Group: Paul Donovan, who has served as CEO since February 2014, is departing. Mark Way, who has served as CFO since September 2014, is the new President, AMC Europe and Managing Director of ODEON Cinemas Group. Ian Shepherd, Group Chief Commercial Officer since June 2014, is the new EVP, AMC Europe and Chief Operating Officer of ODEON Cinemas Group. AMC will operate ODEON as a wholly-owned subsidiary. Theatres in the UK and Ireland will continue to operate under the ODEON brand, theatres in Italy, Portugal, Germany and Austria will continue to operate under the UCI brand, and theatres in Spain will continue to operate under the Cinesa brand. For the year ended December 31, 2015, and nine months ended September 30, 2016, ODEON had revenues of $1.142B and $779.3M, respectively. AMC also is currently in the process of acquiring US-based theatre exhibitor Carmike Cinemas (CKEC). Carmike shareholders have approved the transaction. Closing remains subject to customary conditions, including regulatory approval, and is expected to be completed by the end of 2016 or early 2017.

AMC

AMC Entertainment

$34.55

0.65 (1.92%)

CKEC

Carmike Cinemas

$33.90

0.05 (0.15%)

AMC AMC Entertainment
$34.55

0.65 (1.92%)

07/12/16
PIPR
07/12/16
NO CHANGE
Target $35
PIPR
Overweight
AMC acquisition puts Carmike deal at risk, says Piper Jaffray
Piper Jaffray analyst Stan Meyers believes AMC Entertainment's (AMC) acquisition of Europe's largest theater chain Odeon puts its deal with Carmike Cinemas (CKEC) at risk. The pressure on AMC to complete the Carmike deal in 2016 is "largely off the table, increasing the risk of the deal falling apart by the end of the week," Meyers tells investors in a research note. AMC management seems willing to raise its bid and potentially throw in some equity, though not to the levels expected by the Carmike key stakeholders, the analyst contends. He thinks Odeon should accelerate AMC's EBITDA growth over time. Further, the AMC/Odeon deal should also accelerate IMAX's (IMAX) expansion in Europe, Meyers contends.
07/14/16
WEDB
07/14/16
NO CHANGE
WEDB
AMC Entertainment acquisition positive, says Wedbush
After AMC acquired Odeon & UCI, Wedbush expects the deal to be "mildly accretive" in 2017, before providing significant EBITDA growth in 2018. The firm thinks the company's efforts to improve its digital loyalty program will enable it to gain market share. Wedbush keeps a $33 price target and Outperform rating on AMC.
08/23/16
LOOP
08/23/16
INITIATION
Target $35
LOOP
Buy
AMC Entertainment initiated with a Buy at Loop Capital
Loop Capital analyst David Miller initiated AMC Entertainment with a Buy rating and $35 price target.
08/24/16
08/24/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Lockheed Martin (LMT) reinstated with a Neutral at Goldman. 2. Five Below (FIVE) initiated with a Neutral at BTIG. 3. AMC Entertainment (AMC) and Cinemark (CNK) were initiated with a Buy at Loop Capital while the firm initiated Regal Entertainment (RGC) with a Hold. 4. Delta Air Lines (DAL) initiated with an In-Line at Imperial Capital. 5. LINE Corp. (LN) initiated with a Neutral at JPMorgan. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, Reference Link
CKEC Carmike Cinemas
$33.90

0.05 (0.15%)

03/09/16
MACQ
03/09/16
DOWNGRADE
MACQ
Neutral
Carmike Cinemas downgraded to Neutral from Outperform at Macquarie
Carmike Cinemas (CKEC) is being acquired by AMC Entertainment (AMC) for $30 per share in cash.
04/13/16
WEDB
04/13/16
NO CHANGE
WEDB
National CineMedia attractive after recent weakness, says Wedbush
Wedbush believes that National CineMedia's (NCMI) valuation is attractive at current levels, partly due to what it sees as the company's "undemanding Q1 guidance," "confusion" about Carmike's (CKEC) acquisition by AMC (AMC), and the "continuing secular advantages of cinema advertising." The firm thinks that the Carmike deal could benefit National CineMedia over the longer term by enabling it to work with and/or replace Screenvision as Carmike's ad network partner. . Wedbush keeps a $19 price target and Outperform rating on National CineMedia.
06/17/16
PIPR
06/17/16
NO CHANGE
PIPR
AMC could boost Carmike takeover offer by $2-$3.50 per share, says Piper Jaffray
Piper Jaffray analyst Alex Olvera said that after holding a conference call with the largest shareholder of Carmike (CKEC), Driehaus Capital, that he believes Driehaus and another big stakeholder, Mittleman Investment, may vote against the company's merger deal with AMC Entertainment (AMC). He added that he is not sure if these holders would look to perfect appraisal rights, but said that to avoid costs associated with such a scenario that AMC could decide to raise its offer by $2-$3.50 per share for all Carmike shareholders.

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