Imax Advisors to Explore Sale or Merger
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MISSISAUGA, Canada — Imax Corp. hired financial advisors to evaluate options that include a sale or merger of the maker of projection and sound systems for big-screen theaters.
The company said Goldman, Sachs & Co. and Wasserstein, Perella & Co. will search for alternatives. Imax shares rose $4.06, or 18%, to close at $26.50 in Thursday’s trading on Nasdaq. Its shares have fallen 18% this year.
Wasserstein Perella, Imax’s largest shareholder, supports the move, it said. The New York-based investment bank holds 30% of Imax’s stock, according to filings with the Securities and Exchange Commission.
The Canadian company, which was founded in 1967, has spent the last few years forming alliances with Hollywood studios to broaden the types of films it shows.
Imax films, initially distributed mostly in scientific and cultural settings such as the Smithsonian Institution, are now shown in theaters in large cities as well as in museums. There were more than 210 Imax theaters operating in 26 countries as of March 31.
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