Shares of Carmike Cinemas, Inc. CKEC surged 11 percent Friday following a Reuters report that the company was working with JP Morgan on a possible sale.
According to sources familiar with the matter, the investment bank was hired to explore strategic options which may include a sale.
Carmike had approached competing companies in recent months to discuss a deal, but it was unclear if a sale would be the result.
Neither Carmike nor JP Morgan had responded as of Friday morning to requests for a comment on the report.
AMC Entertainment Holdings Inc AMC and Regal Entertainment Group RGC both traded higher amid the news Friday morning.
Carmike Cinemas recently traded at $34.33, up 10.5 percent.
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