LOS ANGELES--(EON: Enhanced Online News)--Reading International, Inc. (NASDAQ:RDI) today confirmed that it has received an unsolicited, conditional proposal from Patton Vision, LLC, a holding company claiming to represent a consortium of investors, to acquire all of the outstanding shares of Class A and Class B common stock of Reading for $18.50 per share in cash.
As previously disclosed, the Company received correspondence from Patton Vision in May 2016 and September 2016 in which Patton Vision made unsolicited, non-binding indications of interest to acquire all of Reading’s outstanding stock at $17.00 per share. After receiving input from management and its outside advisors, the Board of Directors of Reading carefully evaluated the indications of interest. Following this review, the Board of Directors determined that our stockholders would be better served by pursuing our independent, stand-alone strategic business plan and communicated this to Patton Vision.
The Reading Board of Directors remains committed to acting in the best interest of all Reading stockholders and will review the revised unsolicited, conditional proposal in due course.
The Company makes no comment as to the assertions included in the non-binding indication of interest.
About Reading International, Inc.
Reading International (http://www.readingrdi.com) is in the business of owning and operating cinemas and developing, owning, and operating real estate assets. Our business consists primarily of:
- the development, ownership, and operation of multiplex cinemas in the United States, Australia and New Zealand; and
- the development, ownership, and operation of retail and commercial real estate in Australia, New Zealand, and the United States, including entertainment-themed centres in Australia and New Zealand and live theater assets in Manhattan and Chicago in the United States.
Reading manages its worldwide business under various brands:
in the United States, under the
- Reading Cinema brand (http://www.readingcinemasus.com);
- Angelika Film Center brand (http://www.angelikafilmcenter.com);
- Consolidated Theatres brand (http://www.consolidatedtheatres.com);
- City Cinemas brand (http://www.citycinemas.com);
- Beekman Theatre brand (http://www.beekmantheatre.com);
- The Paris Theatre brand (http://www.theparistheatre.com);
- Liberty Theatres brand (http://libertytheatresusa.com); and
- Village East Cinema brand (http://villageeastcinema.com).
- in Australia, under the
- in New Zealand, under the
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”).
For a detailed discussion of these and other risk factors, please refer to Reading International’s Annual Report on Form 10-K for the year ended December 31, 2015 and other filings Reading International makes from time to time with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s Web site (http://www.sec.gov).
Investors are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Reading International does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.