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MGM Gives More Time for Spyglass Deal Vote

MGM has extended the deadline to its creditors to vote on its deal with Spyglass, reports Variety.

MGM has extended the deadline to its creditors to vote on its deal with Spyglass, reports Variety. The deadline is now Oct. 29 and was done to allow creditors time to look over new financial data added after the original offer was sent on Oct. 7.

If the deal is approved, Spyglass heads Gary Barber and Roger Birnbaum would be co-CEOs and co-chairmen to a combined Spyglass-MGM operation following a prepackaged bankruptcy.

This move comes in the wake of Lionsgate offering a last minute offer to acquire MGM. Their pre-planned bankruptcy deal would see creditors controlling 55% of the new company.

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