CVC Capital Partners is exploring a takeover of Cineworld's operations in eastern Europe and Israel, joining Elliott Management in the auction of the stricken cinema operator, Sky News learns.
Neither CVC nor Elliott are currently pursuing offers that would encompass Cineworld's UK or US businesses.
Rival cinema operator Vue International was recently frozen out of the auction process after amassing financial backing for an offer.In the UK, Cineworld trades under its parent's brand and owns the Picturehouse chain, while in the US it owns the giant Regal multiplex portfolio.One analyst has estimated the value of Cineworld's operations outside the UK and US at about $500m.
The London-listed company, which floated in 2007, has warned that any deal to break it up is unlikely to yield value for shareholders.Vue's founder, Tim Richards, had been attempting to engineer a tie-up between two of the UK's largest cinema operators, while the founder of Picturehouse was also in talks with him about buying it back as part of a break-up of Cineworld.
In a stock exchange announcement last Friday, Cineworld reiterated that it"remains in discussions with its key stakeholders with a view to developing a Chapter 11 plan of reorganisation that maximises value for the benefit of the Group and its stakeholders"."As previously announced, it is not expected that any plan of reorganisation or sale transaction would result in any recovery for Cineworld's shareholders."CVC declined to comment.
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