Alliance Atlantis signals it is for sale
Source : Globe & Mail
December 20, 2006
Alliance Atlantis Communications Inc., whose holdings include half of the CSI franchise, said Wednesday it's for sale.
The Toronto-based entertainment firm and its controlling shareholder, Southhill Strategy Inc., said they recently sought expressions of interest from selected potential buyers. But Southhill may decide not to sell its interest, which would make a full takeover unlikely.
The move comes after Alliance said in October it was putting its stake in Motion Picture Distribution LP up for sale. No deal has been announced yet, but interested suitors are believed to include David Bergstein, the U.S. film financier who recently purchased Toronto-based ThinkFilm.
Alliance Atlantis has been focusing much of its efforts into buying back shares in the past year, and said last month it aims to stick with that plan in 2007.
A special committee of the board of directors has been formed to explore alternatives.
Southhill Strategy is owned by Alliance Atlantis's executive chairman Michael MacMillan and Seaton McLean.
The special committee is made up of Robert Steacy, Anthony Griffiths and Barry Reiter. RBC Capital Markets has been hired as its financial adviser and Bennett Jones LLP as legal adviser.
Alliance Atlantis owns 13 specialty TV channels. It also co-produces and distributes the hit CSI franchise and indirectly holds a 51 per cent limited partnership interest in Motion Picture Distribution LP, a major distributor of motion pictures in Canada and with distribution operations in the United Kingdom and Spain.
The company has engaged RBC Capital Markets as its financial adviser and Bennett Jones LLP as its legal adviser.
© Globe and Mail
The Toronto-based entertainment firm and its controlling shareholder, Southhill Strategy Inc., said they recently sought expressions of interest from selected potential buyers. But Southhill may decide not to sell its interest, which would make a full takeover unlikely.
The move comes after Alliance said in October it was putting its stake in Motion Picture Distribution LP up for sale. No deal has been announced yet, but interested suitors are believed to include David Bergstein, the U.S. film financier who recently purchased Toronto-based ThinkFilm.
Alliance Atlantis has been focusing much of its efforts into buying back shares in the past year, and said last month it aims to stick with that plan in 2007.
A special committee of the board of directors has been formed to explore alternatives.
Southhill Strategy is owned by Alliance Atlantis's executive chairman Michael MacMillan and Seaton McLean.
The special committee is made up of Robert Steacy, Anthony Griffiths and Barry Reiter. RBC Capital Markets has been hired as its financial adviser and Bennett Jones LLP as legal adviser.
Alliance Atlantis owns 13 specialty TV channels. It also co-produces and distributes the hit CSI franchise and indirectly holds a 51 per cent limited partnership interest in Motion Picture Distribution LP, a major distributor of motion pictures in Canada and with distribution operations in the United Kingdom and Spain.
The company has engaged RBC Capital Markets as its financial adviser and Bennett Jones LLP as its legal adviser.
© Globe and Mail
Related Documents
Alliance Atlantis press release - 24 KB
