MULTIPLEX chain PVR Limited has said that it has called off its plans to buy DT Cinemas, a group company of property developer DLF, after DT Cinemas could not fulfil certain terms to execute the deal.
A company executive of PVR Cinema said the deal fell through as the ownership of the property could not be transferred to PVR Cinemas. As per the deal, signed on November 13, PVR was to pay Rs 20.02 crore in cash and issue 25.57 lakh fresh shares, or 9.09% of its diluted equity base, to DLF. The shares were estimated to worth Rs 40 crore at Rs 165 per share.
It was first reported that the deal was stuck and could be called off. Though PVR had denied the development and said that the deal was on track, it said the two companies have extended the time to close the deal until February 15. â€œThe parties to the acquisition agreement have mutually agreed not to further extend the period, for completion of the conditions precedent under the acquisition agreement. In light of the above, PVR would like to inform that the acquisition agreement stands terminated,â€ it informed the BSE.
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