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Millionaire property tycoon set to bid for Odean

26th August 2004 | back to article listings BACK    print this article PRINT

Property tycoon Robert Tchenguiz has been named, alongside buyout giant Blackstone and financier Guy Hands, as one of the bidders shortlisted for cinema chain Odeon, the Times newspaper reports.

The sale of the cinema group is expected to fetch around £380 million and sources told Reuters earlier this month that a deal is expected to be completed by August 27th.

Two other bidders, VUE Entertainment and private equity firm BC Partners, reportedly pulled out of the bidding, being handled by Goldman Sachs and Citigroup.

The auction was triggered after Iranian property mogul Mr Tchenguiz, who owns around 17.5 per cent of Odeon, failed to get other shareholders to accept his £360 million offer for the company.

The Times did not reveal its sources, but said that bidders for the Odeon chain now included buyout company Terra Firma Capital Partners, which has also been linked to a possible bid for the UCI cinema chain, which it may plan to merge with Odeon.

Odeon is the UK's largest cinema chain and is currently owned by a group of investors including WestLB AG and the Entertainment Group.

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