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.