COLUMBUS, GA (WTVM) - Shareholders approved the long-awaited merger between Columbus-based Carmike Cinemas and AMC Theaters Tuesday for $1.2 billion.
In a media release Tuesday, Carmike Cinemas announced that more than 86 percent of the shares voted in favor of the merger during a meeting, representing approximately 72 percent of Carmike's outstanding shares as of the record date for the meeting.
The deal is expected to be completed by the end of 2016 or early 2017.
"We are pleased with the outcome of today's vote. In addition to providing Carmike stockholders with significant value and the opportunity to participate in the upside potential of a combined AMC-Carmike, this transaction creates an opportunity to deliver an even more compelling movie-going experience to more guests in many more locations across the country," Carmike Cinema's President and CEO David Passman said.
This is the third vote on the merger. In July 2016, AMC gave Carmike its "best and final offer" of $1.1 billion, but Carmike Cinemas turned that offer down. The merger was first announced in March 2016.
In total, AMC and Carmike would have more 600 theater locations in 45 states across the U.S., including Washington, DC.
AMC has 5,426 screens in the U.S. and the most productive theaters in the country's top markets. Carmike, America's hometown theater circuit, has 2,954 screens, in "primarily located in mid-size, non-urban communities."