Korea's largest multiplex cinema chain CJ CGV raised $139.3 million last Thursday April 7 in a deal which saw 23.8% of the company changing hands.
The 4.9 million shares in CJ CGV were priced at KRW 28,700, which represented a 5.9% discount to the stock's close. As a resut of the Citigroup-led deal, Asia Cinema Holdings ACH will see its stake drop from 31.83% to 8%. The stake holding by parent CJ Entertainment remains unchanged at 36.73%.
The deal comes at a time when the stock price has hit a fresh 52-week low. However, some analysts still believe the valuation appears attractive compared with other Korean consumer...
