Lions Gate Entertainment (LGF) Rejects Icahn Bid
By Daniel James Hayden IV
March 12, 2010 2:48 PM
March 12, 2010 2:48 PM
Lions Gate Entertainment Corp. (NYSE: LGF) rejected billionaire activist investor Carl Icahn's attempt to become the largest shareholder in the company.
Icahn wanted to buy 13.2 million shares at $6 per share. The move would have increased Icahn's stake from a current 18.9% share of the company to 30%.
Icahn has criticized Lions Gate Entertainment's use of cash and said he doesn't want to take control of the company, that he just wants more say in acquisitions.
Holding a 30% stake would give him more control over the board and give him veto power over major acquisitions.
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