Exhib finalizes IPO despite rough market conditions
NEW YORK — AMC Entertainment completed its stock offering late Wednesday, selling 3.3 million shares owned by the Durwood family for $15 a share for a total of $49.5 million.
The selling price was just below Wednesday’s close of $15.25 and well below the level of about $20 where the stock was trading at just a few weeks ago. People close to the deal said the volatile market conditions meant getting the deal done was an accomplishment, despite the price.
The weak price means AMC chairman Stan Durwood will have to compensate his six children $7.5 million to cover the gap between the selling price of $15 and the expected $18 a share as part of an agreement related to the offering.