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Carmike Cinemas Inc (CKEC): Driehaus Capital Discloses 8% Stake; Says AMC’s Bid Undervalues Company

In a recent filing with the US Securities and Exchange Commission, Richard DriehausDriehaus Capital reported an 8% stake in Carmike Cinemas, Inc. (NASDAQ:CKEC) and revealed a statement from March 24, in which it expressed its position regarding Carmike’s acquisition by AMC Entertainment Holdings Inc (NYSE:AMC). Driehaus’ position contains 1.97 million shares of Carmike Cinemas and the investor did not disclose holding shares in its last 13F filing.

In a press release dated March 24, Driehaus said that it supports AMC Entertainment Holdings’ acquisition of Carmike Cinemas, Inc. (NASDAQ:CKEC), but considers that the offered price of $30 per share “meaningfully undervalues” Carmike Cinemas. The investor estimates the company’s value to be between $43.50 and $47.25 per share.

Overall, a total of 22 of the hedge funds tracked by Insider Monkey were bullish on Carmike Cinemas, Inc. (NASDAQ:CKEC)at the end of the last year, down by 15% on the quarter. Mark Broach’s Manatuck Hill Partners has the biggest position in Carmike Cinemas, Inc. (NASDAQ:CKEC), worth close to $19.9 million, accounting for 6.7% of its total 13F portfolio. The second most bullish fund manager is Israel Englander’s Millennium Management, which holds a $16.1 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Remaining peers that hold long positions include Brett Hendrickson’s Nokomis Capital, Ken Griffin’s Citadel Investment Group and Julian Allen’s Spitfire Capital.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
DRIEHAUS CAPITAL MANAGEMENT 8 1,970,578 10 1,970,578 1,970,578 8%
Driehaus Active Income Fund 8 1,315,011 10 1,315,011 1,315,011 5.4%
Richard Driehaus
Richard Driehaus
Driehaus Capital

Page 1 of 5 – SEC Filing




UNITED
STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington,
D.C. 20549

SCHEDULE
13D

Under
the Securities Exchange Act of 1934

(Amendment
No.

n/a

)*

CARMIKE CINEMAS, INC


(Name of
Issuer)
Common Stock


(Title of
Class of Securities)
143436400


(CUSIP
Number)
Janet McWilliams,
Driehaus Capital Management LLC
25 East Erie Street 

Chicago,
IL
60611

Phone : 312-587-3800



(Name,
Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
March 22, 2016


(Date of
Event which Requires Filing of this Statement)

If the
filing person has previously filed a statement on Schedule 13G to report the
acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box.
o
Note: Schedules filed in paper
format shall include a signed original and five copies of the schedule,
including all exhibits. See §240.13d-7 for other parties to whom copies are to
be sent.

* The
remainder of this cover page shall be filled out for a reporting person’s
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The
information required on the remainder of this cover page shall not be deemed to
be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934
(“Act”) or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the
Notes).
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