Mm2's bid to acquire Golden Village backslides

The owner of the cinema chain has not approved the acquisition.

Singapore-listed mm2 Asia announced that its bid to acquire 50% stake in Golden Village cinema chain for $184.25m has gone up in smoke as the owner declined the sale and purchase agreement.

The group first announced the planned acquisition on June 13, following the signing of the conditional sale and purchase agreement with Village Cinemas Australia Pty Ltd to buy the latter's 50% stake in Dartina Development Ltd. It holds the Golden Village cinema business in Singapore.

"The Board wishes to announce that the Seller has not procured such approval as required under the SPA by the scheduled completion date of 21 July 2017 set out in the SPA, and as such completion of the Proposed Acquisition did not take place. The Seller and the Company are currently in discussions on their available options," mm2 Asia said in a statement.