The battle for MGM Cinemas is hotting up it emerged this weekend, according to the Financial Times. The US backed consortium, (in which the Philadelphia- based Reading company is the major shareholder, and Richard Branson’s Virgin Group is a member), has announced it is in exclusive negotiations for the cinema chain.
The announcement means that the US consortium appears to have successfully fought off Carlton Communications; although if the negotiations break down, Carlton is likely to re-emerge as favourite in the bidding for what is Britain’s largest cinema chain.
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