Imax denies Disney takeover rumor
Internet rumor about $1.5 bil takeover bidTORONTO -- Giant screen exhibitor Imax Corp. on Wednesday denied it is in acquisition talks with Walt Disney after it was the subject of an apparent false press release issued online.
"The company has not been acquired, nor is it in discussions with The Walt Disney Company about a potential acquisition," Imax said in a statement after an Internet rumor surfaced indicating that Walt Disney planned to acquire Imax for $1.5 billion, $18 to $20 a share.
Sources at Imax said the exhibitor was blind-sided by the faux press release as top executives arrived at their offices Wednesday morning with Google alerts flashing on Blackberries and computer screens indicating that a takeover offer by Walt Disney was in the works.
While ruling out a Disney buyout, Imax said it will continue to partner with the company. That includes a five-picture deal with Walt Disney Studios Motion Pictures to release titles like "Tron: Legacy" and "Disney's A Christmas Carol" on its super-sized screens.