Shareholders of Carmike Cinemas, which operates most of the movie screens in Chattanooga, approved the sale of the company on Tuesday to Chinese-owned AMC Theatres, cementing the buyer's stature as the largest movie theater operator in the world.
The deal includes $585 million in cash and $250 million in AMC's Class A common stock. AMC is also assuming about $367 million in debt in the deal.
Carmike shareholders can take $33.06 per share, or 1.0819 AMC shares, for each share of Carmike. The cash offer is $3.06 more per share than AMC's prior bid in March.
Carmike, based in Columbus, Ga., owns and operates the East Ridge 18, Northgate 14 in Hixson, the Majestic 12 in downtown Chattanooga, and the Wynnsong 10 in East Brainerd.
AMC, based in Leawood, Kansas, was bought by Chinese conglomerate Dalian Wanda Group in 2012. AMC bought European movie theater operator Odeon & UCI Cinemas Group in July, making it the world's largest movie theater operator.
Carmike expects the deal to close late this year or early next year.