HONG KONG May 27 China’s Wanda Cinema Line Corp
said it has been asked by the Shenzhen stock
exchange to provide more information about its proposed $6
billion acquisition of a sister company that owns U.S. film
studio Legendary Entertainment.
Chinese tycoon Wang Jianlin’s Wanda Group bought the
Hollywood Studio for $3.5 billion this year via its Wanda Media
movie-making unit. Wanda Cinema proposed a cash and share
acquisition of unlisted Wanda Media this month.
“The company is actively coordinating and preparing a reply
and will provide supplementary information to perfect the
proposal,” Wanda Cinema said in an announcement.
The proposed acquisition is pending approval from
shareholders and regulators, it added. It gave no further
Wanda Cinema has also said it plans to raise 8 billion yuan
($1.2 billion) in a share sale to fund the building of theatres
and replenish working capital.
Trading in Wanda Cinema’s shares has been suspended since
($1 = 6.5575 Chinese yuan)
(Reporting by Donny Kwok; Editing by Edwina Gibbs)