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CVC and Elliott bid for parts of Cineworld

Buyout firm CVC Capital Partners and activist hedge fund Elliott Management are among the suitors to have tabled bids to acquire parts of struggling cinema chain Cineworld, according to a report by Sky News.

Buyout firm CVC Capital Partners and activist hedge fund Elliott Management are among the suitors to have tabled bids to acquire parts of struggling cinema chain Cineworld, according to a report by Sky News.

Unnamed Sky News sources have revealed that both firms have made offers for Cineworld’s Israeli and eastern European businesses, but are not interested in the company’s UK and US operations, its two biggest divisions. 

Cineworld owns 128 UK cinemas operating under the Cineworld and Picturehouse brands, and 511 cinemas in the US under the Regal brand. It also runs the smaller Cinema City across six countries in eastern Europe and Planet Cinema in Israel.

Cineworld, which entered into Chapter 11 bankruptcy protection last September, had previously said it was pushing for a sale of its whole business.
 

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