Reading International receives another unsolicited interest indication from Patton Vision LLC.
Global Banking News-November 7, 2018-Reading International receives another unsolicited interest indication from Patton Vision LLC
(C)2018 ENPublishing - http://www.enpublishing.co.uk
Reading International Inc (NASDAQ:RDI) disclosed on Tuesday that it has received an unsolicited, conditional indication of interest from a holding company claiming to represent a consortium of investors Patton Vision LLC, to acquire all of the company's outstanding class A and B common stock shares for USD17.22 and USD37.38 per share in cash.
Also, the company had earlier announced that Patton Vision had corresponded with it in December 2016 making an unsolicited, non-binding indication of interest to acquire all outstanding shares of the same class A and B common stock for USD18.50 per share in cash. The company received correspondence in May 2016 and September 2016 as well, in which Patton Vision made unsolicited, non-binding indications of interest to acquire all of the same outstanding shares for USD17.00 per share.
Further, Reading's board of directors in consultation with outside advisers, carefully evaluated these prior indications of interest. Accordingly, the board decided that its stockholders would be better served by pursuing its independent, stand-alone strategic business plan and communicated this to Patton Vision, the company added.
Finally, the company said that its board remains committed to acting in the best interest of all its stockholders and will review the revised unsolicited, conditional indication of interest in due course.
An entertainment and real estate company, Reading develops, owns and operates multiplex cinemas and retail and commercial real estate in the US, Australia and New Zealand. Its family of brands includes cinema brands, live theatres and signature property developments.
((Distributed via M2 Communications - http://www.m2.com))
|Printer friendly Cite/link Email Feedback|
|Publication:||Global Banking News (GBN)|
|Date:||Nov 7, 2018|
|Previous Article:||Vitrolife's net income up in Q3 2018.|
|Next Article:||Scandic Hotel names members of nomination committee; President and CEO to leave.|