The Japanese electronics company Sony has put in a bid of £200m for MGM’s UK chain of cinemas. A rival offer from a consortium led by Richard Bransons Virgin group was £50m lower.
MGM is currently owned by the French Bank, Credit Lyonnais which recently announced a loss of £1.5bn last year.
MGM was put up for sale in January; six short-listed bidders have been given 6 weeks to look at MGM’s accounts. Besides Virgin, these include Carlton.
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