The approach by Cineworld was considered well-timed as shares in the USA company have plunged more than 20 percent over the previous year on concerns over stagnant admissions at theatres.
The acquisition price of $23 per Regal share values the entire issued and to be issued share capital of Regal at $3.6 billion or about 2.7 billion pounds, with an implied enterprise value of $5.8 billion or 4.3 billion pounds. Pacer Advisors Inc. increased its stake in shares of Regal Entertainment Group by 9.2% in the third quarter. Epoch Investment Partners Inc. now owns 7,261,026 shares of the company's stock worth $148,561,000 after buying an additional 103,100 shares during the period. NY grew its stake in Regal Entertainment Group by 15.8% in the third quarter. Hedge funds and other institutional investors own 85.33% of the company's stock.
Weather warning issued as Storm Caroline approaches
Varying amounts of snow are possible during frequent wintry showers with up to eight inches (20cms) predicted for higher ground. Storm Caroline, named by the UK Met Office , is due to pass close to the north coast of Scotland on Thursday morning.
Regal Entertainment Group (NYSE:RGC) traded up $0.51 during trading on Wednesday, reaching $20.50. It reported revenue of $3.2 billion in fiscal year 2016. Regal Entertainment Group has a 12-month low of $13.90 and a 12-month high of $23.56. The firm's 50-day moving average price is $21.44 and its 200 day moving average price is $21.92.
Regal Entertainment Group (NYSE:RGC) last announced its earnings results on Tuesday, October 24th. Regal Entertainment Group had a negative return on equity of 16.36% and a net margin of 4.41%. Revenue during the quarter was $716 million, representing -12% growth from $811.5 million in year-ago quarter. Royal Bank Of Canada lifted their price target on Regal Entertainment Group to $23.00 in a research report on Wednesday, November 29th. Regal Entertainment Group's payout ratio is 101.15%. RGC has been the topic of several analyst reports. At the time of writing, the First Call consensus price target for the company is $20.67.
Apple, Ireland in Deal Over $15B in Unpaid Taxes
Having long disputed the ruling and failing to collect the tax, the case was sent to the European Court of Justice. The European Commission ordered Apple to pay the sum a year ago .
Amy Miles, the Regal chief executive, said the offer represented "a meaningful premium on Regal's unaffected share price" and provided "compelling value for our stockholders". Regal Entertainment Group said Cineworld has committed to having a strong presence in Knoxville.
Regal Entertainment Group announced that its Board of Directors has authorized a stock buyback program on Thursday, August 31st that permits the company to repurchase $50.00 million in outstanding shares. Analysts giving shares a rating of 1 or 2 would be indicating a Buy. Regal Entertainment Group has an average rating of "Hold" and an average price target of $26.21. The stock has fallen 19% since news emerged about the talks. Also, EVP Peter B. Brandow sold 20,233 shares of the stock in a transaction that occurred on Thursday, March 9th. The disclosure for this sale can be found here. As of December 31, 2016, the Company operated 7,267 screens in 561 theatres in 42 states along with Guam, Saipan, American Samoa and the District of Columbia.
Hard brexit would be a 'disaster' for UK-based airlines - IATA chief
The association said worldwide passenger demand rose by 7.3 per cent y-o-y, with airlines in all regions recording traffic growth. Cargo revenues will continue to do well in 2018, reaching $59.2bn, up 8.6 per cent from expected 2017 revenues of $54.5bn.