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Carmike seeks shareholder approval for AMC deal

Carmike Cinemas Inc. is seeking approval from its shareholders for its proposed acquisition by AMC Entertainment Holdings Inc.

AMC in March agreed to purchase Carmike for $30 per share. Later, the company revised its offer and agreed to acquire all outstanding shares of Carmike for $33.06 per share in a cash-and-stock deal worth about $1.2 billion. Carmike stockholders have an option to elect to receive $33.06 in cash or 1.0819 AMC shares per Carmike share, subject to a customary proration mechanism to achieve an aggregate consideration mix of 70% cash and 30% in shares of AMC stock.

The special stockholders meeting is scheduled for Nov. 15.