Wanda Group Announces Receipt of All Necessary Approvals for AMC Acquisition Transaction expected to close at the end of August
BEIJING, China and KANSAS CITY, Mo., July 25, 2012 /PRNewswire-Asia/ -- Dalian Wanda Group Co., Ltd. ("Wanda"), a leading Chinese private conglomerate and China's largest investor in cultural and entertainment activities, and AMC Entertainment Holdings, Inc. ("AMC"), a preeminent U.S. movie exhibitor, today announced they have received all necessary regulatory approvals in the U.S. and China for the planned acquisition of AMC by Wanda.
Wanda and AMC have received notice from the Committee on Foreign Investment in the U.S. ("CFIUS") that CFIUS has cleared the transaction. The companies had previously received notice from the U.S. Federal Trade Commission of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act in relation to the transaction. Furthermore, the National Development and Reform Commission (NDRC), China's top economic planning agency, has given Wanda approval to proceed with its proposed acquisition, as have China's Ministry of Commerce and State Administration of Foreign Exchange.
With all regulatory review now concluded, Wanda and AMC expect to complete the transaction at the end of August.
ABOUT THE DALIAN WANDA GROUP CO., LTD.
The Dalian Wanda Group is a leading Chinese private conglomerate that operates in five major businesses, including commercial properties, luxury hotels, tourism investment, cultural industries and department stores, Wanda has been making significant cultural and entertainment investments since 2005. Its interests include central cultural districts, large-scale stage shows, film production and distribution, entertainment chains, and Chinese calligraphy and painting collection. With more than US$1.6 billion invested in cultural and entertainment activities, Wanda has become China's largest enterprise investor in that sector.
ABOUT AMC ENTERTAINMENT HOLDINGS, INC.
AMC Entertainment Holdings, Inc. delivers distinctive and affordable movie-going experiences in 346 theatres with 5,034 screens primarily in the United States and Canada. The company operates 23 of the 50 highest grossing theatres in the country, including the top three. AMC has propelled industry innovation and continues today by delivering premium sight and sound, enhanced food and beverage and diverse content. www.AMCTheatres.com
The Dalian Wanda Group
Fleishman Hillard US
Kristen Lewko: 212-453-2212
Fleishman Hillard Hong Kong
Pamela Leung: 852-25609675
Fleishman Hillard China
Winter Wright: 86-10-5775-5960
AMC Entertainment Holdings, Inc.
Susie Arons: 212-843-8033 or 917-751-1776
SOURCE Dalian Wanda Group Co., Ltd.