The Lithuanian Competition Council has decided that Estonian investment company MM Grupp cannot acquire the Forum Cinemas business in Lithuania.
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The Council states that it has suspended the examination of the application made by MM Grupp due to the undertakings’ failure to provide all necessary information.
“The companies will not be able to complete the transaction because the merger evaluation process has been halted,” the board explains.
“Companies considering a merger must provide timely accurate and complete information so that we can assess the impact of the merger on the market, competition and consumers and decide whether such a transaction is possible,” said Šarūns Keserauskas, Chairman of the Board of Directors. Said. .
This decision cannot be appealed. This is also the first time in the history of the supervisory board that the merger evaluation process is interrupted because the merger parties do not provide the necessary information in a timely manner.
Forum Cinemas has one in Latvia, three in Estonia and five in Lithuania. In the fall of 2019, the Estonian company Forum Cinemas completed the addition of cinema operators of the same name in Latvia and Lithuania and has since operated as a single company in the Baltic States with its headquarters in Tallinn.
Forum Cinemas is owned by Finnkino, owned by the British Odeon Cinemas Group, whose largest owners are the Chinese Wanda Group (38%) and the US investment company Silver, the US AMC Entertainment Holdings. Lake Partners” (28%).
MM Grupp, a holding company controlled by Estonian businessman Margus Linnamäe, has a large portfolio of companies in the Baltic States. The information agency LETA is part of an international media group whose shareholder is “MM Grupp”.