HomeBusinessUPDATE 1-AMC Entertainment Receives Court Approval For Revised Shareholder Agreement

UPDATE 1-AMC Entertainment Receives Court Approval For Revised Shareholder Agreement

(Updates with settlement details from paragraph two)

WILMINGTON, Delaware, Aug. 11 (Reuters) – AMC Entertainment’s revised shareholder agreement was approved by a Delaware judge on Friday, according to a court filing, three weeks after the judge rejected a related deal.

Under the approved class action settlement, movie theater operator AMC will provide stock worth an estimated $129 million to common stock holders to settle potential legal claims related to a stock conversion plan.

The approved class settlement did not allow shareholders to withdraw and binds them to the agreement.

On July 21, the same judge, Delaware Vice Chancellor Morgan Zurn, rejected an earlier version of the settlement because it also settled potential claims from preferred stockholders not represented in the lawsuit.

That provision was removed from the proposed settlement that Zurn approved on Friday. (Reporting by Tom Hals in Wilmington, Delaware, Editing by Deepa Babington)

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