Brits take over German theatre chain CinemaxX
by Brigit Heidsiek
11/07/2012 - With a stake of 84.59%, Herbert Kloiber is the major owner of the Hamburg-based theatre chain, with 34 cinemas, 290 screens and almost 75,000 seats. Vue Entertainment International Limited has offered the shareholders of the CinemaxX AG €6.45 per share in cash.The purchase price for Kloiber's 22.8 million shares adds up to a total of €147 million.
"The tremendous international interest in our cinema chain reflects that we have done everything right," said Arne Schmidt, spokesman for CinemaxX AG. "We principally appreciate this offer and certainly see the perspective. Vue Entertainment and CinemaxX move in very parallel ways - both of them are targeting quality and in the course of digitization they have chosen 4K projection and new sound systems." Schmidt added that CinemaxX will continue as a brand.
"The stake in CinemaxX, which I bought eight years ago, was always run as a separate investment from Tele München Group. I am grateful to Christian Gisy and his colleagues for their contribution to develop CinemaxX," said Herbert Kloiber. "In just over five turbulent years, they transformed CinemaxX into a very profitable and debt-free company. Today, CinemaxX is well positioned to pursue an expansion course.Vue Entertainment, as one of the most successful European cinema operators, will enter the German and Scandinavian market and contribute its longstanding expertise as well as continue the dynamic development that has already been initiated," he added.
"Moving into continental Europe has been part of our strategic plan since Vue was launched in 2003," said Tim Richards, CEO of Vue Entertainment, "and we firmly believe that the new group will drive increased cinema going by offering a best in class superior cinema going experience." The takeover of the German CinemaxX needs still to be approved by the German cartel authority. The British multiplex chain Vue Entertainment operates more than 85 cinemas with around 800 screens and 156,000 seats in Great Britain, Ireland, Portugal and Taiwan. The company plans to close the deal in the third or fourth quarter of this year. In May, Vue Entertainment took over the independent British theatre chain Apollo Cinemas.