Carmike Cinemas Soars Amid Report Of Working With JP Morgan For Possible Sale


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Shares of Carmike Cinemas, Inc. (NASDAQ: 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 (NYSE: AMC) and Regal Entertainment Group (NYSE: RGC) both traded higher amid the news Friday morning.

Carmike Cinemas recently traded at $34.33, up 10.5 percent.


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Posted In: NewsRumorsMoversReuters