Carmike Cinemas Completes Acquisition Of Digital Cinema Destinations

(RTTNews) - Carmike Cinemas, Inc. (CKEC) said Friday that t has closed its stock-for-stock acquisition of Digital Cinema Destinations Corp. (DCIN), including its 21 theatres with 206 screens and four location pipeline of 33 screens.

Each outstanding Digiplex share was converted into the right to receive 0.1765 shares of Carmike common stock, or about 1.4 million Carmike shares in the aggregate.

Carmike expects to immediately integrate the 21 acquired theatres onto its national footprint and complete the pipeline theatre acquisitions, during the third quarter or early fourth quarter.

The acquisition further expands Carmike's domestic entertainment complex circuit to 2,900+ screens and 276 locations across 41 states.