Shareholders of Carmike Cinemas accepted a $1.2 billion buyout offer from the Leawood, Kan.-based parent company of AMC Theatres in a vote Tuesday.
Carmike said shareholders voted 72 percent of the company’s total shares in favor of the merger and that some stockholders did not vote. AMC has said federal regulatory approval could come as early as next month.
Buying No. 4 chain Carmike would make AMC the nation’s largest cinema operator with 8,218 screens, more than Regal Entertainment Group’s 7,310 screens. No. 3 Cinemark has 4,542 screens.
Shareholders of Carmike are to receive a combination of cash and shares of AMC Entertainment Holdings Inc. equal to $33.06 for each share of the Georgia-based theater chain that they own.
Regulators may require AMC to sell some theaters in the combination, but wholesale changes aren’t likely.
Read more: Kansas City Star