Subject: BBC News - Odeon cinemas set to go on sale for £1bn
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Thu, 26 Feb 2015 12:21:28 -0500

Is BHR still looking to buy movie theaters?

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
[email-masked] <x-msg://59/[email-masked]>
P Consider the environment before printing this email.

> http://www.bbc.com/news/business-31631444 <http://www.bbc.com/news/business-31631444>
> 
> Odeon cinemas set to go on sale for £1bn
> 
> 25 February 2015 Last updated at 15:11 ET By Chris Johnston Business reporter
>  The Odeon chain is being sold by its private equity owner.
> The owner of Odeon and UCI cinemas has announced plans to put the chain up for sale later this year, with an asking price of about £1bn.
> 
> Private equity group Terra Firma said it aimed to start the sale process by May.
> 
> The group, chaired by Guy Hands, is best known for its ill-fated £2.4bn takeover of record company EMI in 2007.
> 
> Terra Firma added that it may opt to list the cinema chain on the London Stock Exchange instead.
> 
> Mr Hands said that possible buyers could include US cinema groups, private equity firms or South American cinema operators.
> 
> Odeon said last April that profits before interest, tax and other charges for 2013 fell 24% to £69.2m on a 5% slide in sales to £706.7m.
> 
> Terra Firma paid €650m (£475m) for Odeon in 2004 and bought UCI the same year for €350m, merging the two groups.
> 
> It tried to sell Odeon/UCI in 2011, but abandoned the process after failing to attract bids close to its £1.2bn valuation.
> 
> There was a second attempt in 2013 that also proved unsuccessful.
> 
> Britain's cinema market is dominated by Odeon, Vue and Cineworld - the latter being the only operator listed on the London Stock Exchange.
> 
> Together, they account for about 70% of the UK's screens.
> 
> In June 2013, Vue was sold by another private equity firm, Doughty Hanson, to two Canadian pension funds, for £935m