Lionsgate Board Rejects Icahn's Latest Takeover Bid
Lionsgate's board of directors has officially rejected shareholder Carl Icahn's latest takeover bid, reports VARIETY. As of the close of the market yesterday, Lionsgate sharers were $.22 higher than Icahn's $6.50-per-sare offer. His latest bid expires on Aug. 25th.
Recently Icahn lost a battle with Lionsgate over the company's $100 million debt-to-equity swap when Canadian officials dismissed his petition to have the deal blocked. The swap, which was done with the company's second-largest shareholder Mark Rachesky, diluted Icahn's shares from 37.3% to 33.5%. A lawsuit regarding the swap is still pending in New York.