Top > Business > 2006 > March > 2006-03-12

Imax Up for Grabs

Imax, the Movie-theater chain, is up for sale according to a recent statement made by the corporation. With over 250 theaters worldwide, the Toronto-based company has retained Allen and Company and UBS Investment Bank as financial advisors. They will explore `strategic alternatives` after receiving several unsolicited offers.

The continue, `We have recently received several unsolicited inquiries, and believe this preliminary interest shows that there is awareness of the strength and attractive qualities of our business.` According to Reuters Canada, Imax?s fourth-quarter earnings rose 54 percent.

Imax has recently increased revenue and profit by expanding in parts of Asia and converting movies such as `Harry Potter and the Goblet of Fire`` for showings on their giant, eight-story high screens. Co-chairs Richard Gelfond and Bradley Wechsler say in a statement, `In order to fully realize the growth potential inherent in both the Imax brand and the business we have built to date, we are evaluating strategic alternatives in order to expand our scale and maximize value for our shareholders.`