CVC Capital Partners plans bid for parts of embattled Cineworld - Sky News

FILE PHOTO: People enter a Cineworld cinema following the outbreak of the coronavirus disease (COVID-19) near Manchester
A Cineworld cinema near Manchester, Britain, October 4, 2020. REUTERS/Phil Noble

March 27 (Reuters) - Private equity firm CVC Capital Partners has proposed a takeover of parts of British cinema operator Cineworld Group Plc (CINE.L), within days of a similar offer from activist investor Elliott Management, Sky News reported on Monday.

CVC is in talks with Cineworld about an offer for its eastern Europe and Israel operations, the report added.

Shares in Cineworld were up 8.5% at 2.5 pence per share as of 0939 GMT.

Both Cineworld and CVC Capital declined to comment on the report.

The news comes days after activist investor Elliot Management also tabled a bid to buy Cineworld's operations in eastern Europe and Israel, Sky News had reported on Saturday.

Elliot Management declined to comment on the report over the weekend.

Cineworld, which has so far failed to find a buyer for the whole of the world's second biggest cinema chain, had proposed an April 10 deadline for final bids, with an auction, if necessary, to follow on April 17.

The company said in February it may emerge from Chapter 11 bankruptcy protection in the first half of this year.

Reporting by Sinchita Mitra and Aby Jose Koilparambi in Bengaluru; Editing by Rashmi Aich and Nivedita Bhattacharjee

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