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Company News

BUZZ-Cineworld: Plans to buy Canada's Cineplex; shares rise

(Updates)

** Cineworld shares reverse course to trade up 3% after the British cinema operator said it will buy Toronto-based Cineplex for $1.65 bln in cash

** Co to become the biggest cinema operator in North America with this deal

** Cineworld says Cineplex shareholders will receive C$34 ($25.56) per share in cash; Deal represents a premium of 42% to stock’s Friday close

** Shares of Cineplex surge 41.2% to C$33.90

** Brokerage Canaccord says industry is consolidating and Cineworld is determined to be predator rather than prey

** Cineworld shares hit their lowest since June 2015 earlier in the day

** Up to Friday’s close, CINE stock down ~17% YTD, while CGX down 5.6% (Reporting by Samantha Machado and Arundhati Sarkar in Bengaluru)

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