Pursuits
A Second Carmike Shareholder Says AMC’s Offer Is Too Low
- Driehaus slights $30 a share price, suggests $43.50 to $47.25
- Joins investor Mittleman Brothers in opposing AMC deal
This article is for subscribers only.
A second Carmike Cinemas Inc. investor said AMC Entertainment Holdings Inc.’s planned $1.1 billion takeover undervalues the movie theater company, putting more pressure on the merger partners to show the rationale behind the $30-a-share offer price.
“Despite the logic of the transaction, the value it creates does not appear to be shared equitably,” Driehaus Capital Management said Thursday in a statement. The Chicago-based investment firm, which hadn’t previously disclosed a stake in Carmike, said it owned 1.81 million shares, which would make it the largest shareholder with a 7.3 percent stake.