Carl Icahn Makes Hostile Takeover Bid For Lions Gate Entertainment (LGF)

Activist investor Carl Icahn has launched a hostile takeover bid for Lions Gate (NYSE: LGF). Icahn’s earlier bid for a 30% stake in the company was rejected last week. The billionaire investor has made an offer of $6 per share. He had offered the same price for 13.2 million shares last week. Icahn currently owns a 19% stake in the entertainment company.

Lions Gate (LGF) is currently vying for a stake in Metro-Goldwyn-Mayer Inc. Carl Icahn is against this deal. Lions Gate is likely to decline the current offer as well. Icahn said, “These tactics serve only to strip shareholders of an opportunity and entrench management. Lions Gate previously criticized our tender offer for being partial. That is no longer the case.”