Britain's Cineworld Group Plc said on Friday it abandoned its $1.65 billion deal to buy Cineplex Inc , citing what it termed the Canadian company's breaches in the merger agreement between the cinema operators.
), citing what it termed the Canadian company’s breaches in the merger agreement between the cinema operators.
“As a consequence of ... Cineplex’s unwillingness to cure the breaches, Cineworld has notified Cineplex that it has terminated the Arrangement Agreement with immediate effect,” Cineworld said in a statement. Cineplex in turn accused its British rival of avoiding its obligations under the merger agreement in light of the pandemic.
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