Regal Entertainment Group is off the auction block.
The country’s largest exhibitor announced that its board has decided that a sale of the company would not be in the “best interest of its shareholders at this time.”
The company conducted a review of possible sales opportunities with the assistance of Morgan Stanley. Shares of Regal dipped 0.14% to $21.06 in after-hours trading.
“The board, consistent with its fiduciary duties, remains committed to evaluating any alternatives that would enhance shareholder value but does not plan to make additional comments on those alternatives unless it becomes appropriate,” Regal said in a statement.
Regal has 7,349 screens across 574 theaters.
The theater chain announced that it was exploring a possible sale during its most recent quarterly earnings announcement. Last year was a down one for the exhibition business, with attendance falling to its lowest levels in decades and ticket sales dropping more than 5%. However, 2015 is expected to be a record-breaking year for the business, with entries in the “Star Wars,” James Bond and “Jurassic Park” franchises all hitting theaters in the coming months. The possibility of a healthy box office makes it an attractive time for exhibitors looking to tap out of a mercurial business. Just not attractive enough.