Imax Won’t Buy Rest Of Imax China As Shareholder Vote Fall Short

News Snapshot:

Imax said today it won’t proceed with its proposed acquisition of the outstanding stake in Imax China after a vote of shareholders of its subsidiary fell short. Some 70% of the shares voted were in favor of the deal, but those against exceeded the 10% threshold required by Hong Kong law to defeat a privatization transaction. Approximately 61% of the total “disinterested” shares of Imax China common stock were voted. The subsidiary is based in Shanghai and traded on the Hong Kong stock exchange. “Even though our proposal received the vast majority of votes cast, and support from both leading...