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Tchenguiz chases UCI and Odeon
Property investor, Robert Tchenguiz, is preparing a bid for the UCI cinema chain and is also in discussion with the owners of the Odeon cinema group regarding a potential takeover, reports The Times.
UCI – which is currently owned by media conglomerates, Vivendi Universal and Viacom – has been put up for sale with an estimated price of about £400m. Merrill Lynch has been appointed to manage the auction.
The founder of Terra Firma Capital Partners, Guy Hands, is expected to be Tchenguiz’s main rival in the sale, having launched a bid for the UCI chain on 16 February.
Other interested bidding parties are thought to include Vue Entertainment, private equity firm, HgCapital and JP Morgan Capital.
Separately, Tchenguiz is also believed to be in discussion with WestLB to take control of its share of the Odeon group, of which he is already a minority shareholder. Should he do so, he will gain control of the company.
Were Tchenguiz to gain control of both the Odeon and UCI chains, he could potentially merge the businesses, pending clearance from the Competition Commission.
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