Lions Gate (LGF) Board Turns Down Carl Icahn’s Offer
By Benzinga Staff
March 12, 2010 12:45 PM
March 12, 2010 12:45 PM
Lions Gate Entertainment Corp. (NYSE: LGF) has turned down Carl Icahn’s offer to purchase 13.2 million of its shares. The independent studio has also adopted a plan to deter any future purchase of its shares by Icahn.
The company said that Icahn’s offer of $6 per share is not in the best interest of its shareholders. Icahn already owns an 18.8% stake in Vancouver based Lions Gate. Icahn’s holding in the company is second only to Mark Rachesky’s MHR Fund Management. The fund has a 19.7% stake in Lions Gate.
Lions Gate shares were up 1.41% to $5.75 at 12.42 p.m. on Friday in New York.
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