Carmike Cinemas Inc, the fourth-largest U.S. movie theater chain, has hired investment bank JPMorgan Chase & Co to help it explore strategic alternatives, including a potential sale, according to people familiar with the matter.

Carmike has approached some of its competitors in recent months in the United States and abroad to discuss a potential deal, the people said. There is no certainty that this process will result in a sale of the company, the people added.

Carmike shares jumped as much as 12.5 percent on the news and were trading up 11 percent at $34.45 in early afternoon trading in New York on Friday. At the day's highs, the stock reached its highest level since August.

Read more