Two venture capital firms have made takeover offers for UGC Cinemas according to French financial daily Les Echos.

The two, LBO France and CDC Ixis, have made firm approaches to Vivendi Universal, which owns 55% of the exhibition giant. A third venture, headed by Banque Paribas offshoot PAI apparently examined documentation but decided not to proceed with a bid.

But before a sale can go ahead, terms need to be agreed with the trustees of the Verrecchia family which holds a 19.7% stake and runs the operation via chief executive Guy Verrecchia.

UGC operates 92 cinema complexes with a total of 878 screens in six countries in Europe.