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ARTICLE · 27 DECEMBER 2021

Cineplex Awarded $1.2 Billion Following Failed Pandemic Courtship

Gardiner Roberts LLP
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In a remarkable trial decision resulting from a breach of contract claim commenced during the COVID-19 pandemic, Cineplex Inc. obtained a damages award in the amount of $1.2 billion against the former suitor of its shares, ...

CanadaCoronavirus (COVID-19)
James R.G. Cook
James R.G. Cook
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In a remarkable trial decision resulting from a breach of contract claim commenced during the COVID-19 pandemic, Cineplex Inc. obtained a damages award in the amount of $1.2 billion against the former suitor of its shares, Cineworld Group plc: Cineplex v. Cineworld, 2021 ONSC 8016 (CanLII).

In December 2019, prior to the pandemic, Cineworld had agreed to buy Cineplex's shares for approximately $2.8 billion. The transaction was supposed to close no later than June 30, 2020. On June 12, 2020, however, Cineworld terminated the transaction. Cineplex then sued for damages. A trial was held on the Commercial List in Toronto, within approximately 18 months after the action was commenced.

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