Vue International has lined up backing from shareholders Barings and Farallon Capital Management ahead of a bid deadline set by Cineworld for later this week, Sky News learns.
Like the rest of the industry, Vue was badly hit by the pandemic and was forced to go through its own financial restructuring, which was completed just weeks ago.After a £470m debt-for-equity swap, the company's balance sheet is now in robust shape, with founder Tim Richards stating publicly that he wants to exploit opportunities to consolidate the sector.
Vue is thought likely to be keenest to own Cineworld assets in a selected number of countries, meaning it may have to line up buyers for those it does not want. They had taken control of Vue in 2013 in a deal worth close to £1bn and subsequently presided over a string of acquisitions which helped turn the group into one of Europe's largest cinema operators.
Mr Richards, who also chairs the British Film Institute, has talked about the post-pandemic era becoming"the second golden age of cinema" as audiences flock back to entertainment destinations.
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