Onex Sells Majority of Stake in Cineplex

Onex Corporation (OCX.TO) is exiting most of its investment in Cineplex Galaxy Income Fund to a group of underwriters. The sale is for about 12.96 million shares at C$14.25 per share, for a total of about C$184.6 million. The sale is expected to close on April 21, after which Onex will only hold about two percent of Cineplex's outstanding shares. Onex currently owns approximately 22 percent of the movie theater company. Cineplex's shares closed at C$14.04.