Odeon boss slams reports of takeover by Vue International

 
Helen Cahill
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The boss of AMC said the reports are speculation (Source: Getty)

The boss of Odeon's parent company has slammed reports that Vue is planning a possible takeover of the business.

The Sunday Times today reported that Vue International was planning to buy Odeon, which is owned by AMC Entertainment.

AMC, which is listed on the New York Stock Exchange, bought Odeon in July last year, and also snapped up Nordic Cinemas the following January.

Read more: Cinema chain Odeon's owner AMC buys Nordic Cinemas Group

A takeover of Odeon by Vue would create a cinema giant worth £3bn, the Times said.

However, Adam Aron, chief executive and president of AMC, has dismissed the report.

In a statement, Aron said: "The rumour that Odeon might be sold to Vue is absolute rubbish.

"We are extremely pleased with our acquisitions of Odeon Cinemas Group and Nordic Cinemas Group, and already have begun to implement AMC's long-term plans to renovate and enhance our cinemas in Europe. We are excited to be seeing stunning early results, and will have installed new luxury recliner seating, replacing every seat in seven Odeon theatres by Christmas - less than a month from now."

Read more: Vue Cinemas plans to reel in former ITV boss Crozier for chairman role

He said that the company may embark on a partial float of Odeon on the London Stock Exchange over the next 18 months to "invite others to share the benefits of our success in Europe". However, AMC will retain majority ownership.

"This is just the beginning," Aron said. "Our plans continue to be exciting for 2019 and beyond, with more theatre refurbishments across Europe, new cinemas opening and the film slate looking strong."

Vue International has been contacted for comment.

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