IMAX’s investments in China have proved to be lucrative with Chinese film-fans wholly enthusiastic over the giant-screen technology. Canada-headquartered IMAX has proposed acquiring the 28.5 per cent of IMAX China that it does not already own.

However, shareholders in IMX China have voted the proposal down. An October 9th extraordinary general meeting saw shareholders vote 70 per cent in favour of the $124 million offer on the table, (at HK$10 per share) but this was below the threshold needed for the proposal to be accepted.

“While disappointing, the vote demonstrates that shareholders believe, as we do, that the future of Imax China is bright. We are committed to our business in China and our team will continue to create new growth opportunities for the Imax brand and technology in this vital market for blockbuster entertainment,” IMAX CEO Richard Gelfond stated following the vote.

IMAX has close to 800 screens in China.

Categories: Articles, Business, M&A

Tags: china, cinema, IMAX