ISS Recommends IMAX China Shareholders Vote For Privatization Transaction With IMAX

(RTTNews) - IMAX Corp. (IMAX) announced that an independent proxy advisory firm Institutional Shareholder Services Inc. or "ISS" has recommended that shareholders of IMAX China , a Hong Kong-listed subsidiary established by IMAX Corp. to oversee its business in Greater China, vote "FOR" the company's privatization transaction with IMAX.

In July 12, 2023, IMAX and IMAX China filed a proposal to acquire the outstanding 96.3 million shares in IMAX China for approximately HK$10 per share in cash or US$124 million. The offer represents an approximate 49% premium to the 30-trading day average closing price. Upon approval of the offer and the scheme of arrangement, IMAX Corporation will own 100% of IMAX China.

IMAX China has scheduled an Extraordinary Shareholders Meeting to approve the proposed transaction with IMAX for October 10, 2023.