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Bloomberg
Carmike Cinemas Inc. shareholders should vote against the proposed $1.1 billion takeover of the movie theater company by AMC Entertainment Holdings Inc., shareholder advisory firm Glass Lewis & Co. recommended in a note.
Shareholders should vote against a proposal to approve the takeover as well as payouts to executives and authorization to adjourn a special meeting to give proponents more time to gather support, Glass Lewis said.
While the board of Carmike, the fourth-largest U.S cinema chain, acted reasonably in response to AMC’s bid, Carmike “accepted an offer that appears to undervalue the company and insufficiently compensates shareholders for both the past and reasonably-expected future financial performance,†Glass Lewis said.