U.K. private equity firm BC Partners has offered £1.1 billion for Odeon & UCI Cinema Group, This Is Money reports. The offer has been rejected by Odeon’s owner Terra Firma, founded by Guy Hands.
The firm launched the bid with the private equity arm of Canadian pension fund Omers. BC Partners submitted its offer only for Odeon’s operating business and not the attached property unit that owns the freehold of many cinema sites and is valued at about £200 million. Terra Firma is required to either sell the business in six months or issue bonds worth £600 million to expand the Odeon Cinema chain across Europe.
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