Imax Corporation, the Canadian company behind the giant-sized cinema screens, has announced that it has so far been unsuccessful in its search to find a buyer since putting itself on the market in March this year.
The company said that it had received significant initial interest from multiple parties, but none have indicated a “willingness to acquire the company at a valuation sought by the board of directors”.
Co-chief executive officers Richard Gelfond and Bradley Wechsler issued a statement which said: “While we are surprised that the high level of interest we initially saw has yet to result in a partnership or acquisition, we are committed to fully exploring all options open to the company, including those offers that did not meet the board’s original valuation parameters.”
Analysts have said the company could fetch up to US$550m (£288m, 427m euro).
The company also stated that it is in the process of responding to an informal enquiry from the US Securities and Exchange Commission regarding “the company’s timing of revenue recognition”. Details: www.imax.com
