Off market: Imax looks to build network
EmptyTORONTO -- Having failed to find a buyer willing to meet its price tag, giant screen exhibitor Imax Corp. said it is no longer up for sale.
Toronto-based Imax said Friday that it will seek new growth capital to build out its international network of super-size screens and develop a digital format.
"While Imax received interest from multiple parties in our process of exploring a potential sale or merger of the company, none ultimately indicated a willingness to acquire the company at an acceptable valuation," Imax co-chairmen and co-CEO Richard Gelfond and Bradley Wechsler said.
Imax initially put itself up for sale in March, only to announce in August that no one would meet its unspecified asking price. Imax then asked financial advisers Allen & Co. and UBS to explore lower offers from unnamed parties.
The Canadian company said Friday that it had failed to find a buyer, despite being on the auction block for much of the year.
Gelfond and Wechsler added that they were "confident about our ability to profitably grow the global Imax network, and to succeed with our new business initiatives designed to expand the Imax footprint, such as our pursuit of joint venture opportunities around the world and our development of an Imax digital projector, targeted for introduction in 2008."