- Patton Vision issues a letter to shareholders at Reading International (NASDAQ:RDI +4.6%) informing them that the consortium led by the firm is raising its buyout offer to $18.50 per share.
- On negotiations: "Our consortium remains confident that there is a foundation for proper engagement between us and the Board of Directors of Reading International, Inc."
- On valuation: "Our offer represents a 14.8x Enterprise Value / Trailing 12 months EBITDA multiple, whereas AMC's latest offer for Carmike Cinemas represents a 9.2x Enterprise Value / Trailing 12 months EBITDA multiple."
- Shares of RDI are up 4.61% to $16.79 and hit a 52-week high of $16.90 earlier.
- Source: Press Release