AN audacious £350 million bid has been made for Odeon cinemas in an effort to prevent an auction for the chain.
Iranian property tycoon Robert Tchenguiz, who already owns a significant share in the 600-screen company, launched the bid after securing the necessary financial backing, according to reports.
The move comes after financial institutions Goldman Sachs and Citigroup kick-started an auction for Odeon after earlier talks between Tchenguiz and WestLB - the chain's majority shareholder - collapsed.
It is not known how the development could affect the threatened York Odeon, but the auction is reportedly attracting interest from rival cinema group, Vue.
The chain already operates the cinema multiplex at Clifton Moor.
Nearly 14,000 people signed our campaign petition to save York Odeon from closure and calling for a sensitive refurbishment.
Meanwhile, the Odeon's new chief executive, Tim Schoonmaker, has still not decided whether he will give an interview to the Evening Press about the future of the cinema.
Despite repeated requests since he took over last month through the Odeon press office, we have yet to receive an answer. An Odeon spokeswoman said a request had been made to Mr Schoonmaker, but they were still awaiting a response from him.
Updated: 10:54 Tuesday, June 08, 2004
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