On Wednesday, the Wall Street Journal reported that Canadian cinema chain operator Cineplex has reached out to the lenders of Cineworld to revitalise a potential merger with the bankrupt rival Regal Entertainment. However, Cineworld refused to comment on the said report.

Reportedly, the two companies are locked-in a multi-million dollar legal battle over a scrapped merger from two years ago. On Wednesday, shares in Cineworld surged 10.6% to 2.987 pence after the report.

Founded by Gerry Schwartz, Ellis Jacob and Stephen Brown in 1999, Cineplex Inc operates cinemas across Canada, primarily under the brand Cineplex Cinemas. Its headquartered in Toronto.

Founded in 1995, Cineworld Group plc is a British cinema operator. Headquartered in London, it is the world’s second-largest cinema chain (after AMC Theatres), with 9,518 screens across 790 sites in about 10 countries.