[Edaily Reporter KYUNG GYEYOUNG ] The merger between Lotte Cinema and Megabox, which had drawn attention as a major deal in the movie theater industry, has ultimately fallen through.
LOTTE SHOPPING CO., LTD.(023530) ContentreeJoongAng corp.(036420)On the 1st, Lotte Cultureworks and Megabox Central each announced in a regulatory filing that the memorandum of understanding (MOU) signed to pursue a merger between the two companies had expired on June 30, thereby halting all merger-related procedures.
Previously, in May of last year, the two companies signed an MOU to pursue a merger and requested preliminary consultation on the business combination from the Fair Trade Commission, but no progress was made in the merger discussions.
The two companies had previously extended the MOU’s term once on March 30. However, it is understood that they did not extend the MOU further after MegaBox Central—the parent company of MegaBox—and its major shareholder, ContentreeJoongAng corp., filed for the commencement of rehabilitation proceedings with the Seoul Rehabilitation Court last month.
Lotte Cultureworks, which operates Lotte Cinema, plans to continue its independent efforts to restructure the company.
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