For the fifth time, Carl Icahn has extended his takeover offer of Lionsgate, reports Variety.
For the fifth time, Carl Icahn has extended his takeover offer of Lionsgate, reports Variety. He has extended the $7.50 per share offer until Dec. 10.
Additionally, he removed conditions on the offer as well. Those were that a least 50.1% of shares be tendered and that a debt for equity swap worth $100 million between Lionsgate and Mark Rachesky be terminated. That latter deal decreased Icahn's share in the company from 38% to 33% and increased Rachesky from 19% to 29%.
Icahn has filed an injunction in New York State Supreme Court to halt Rachesky from being able to use his new shares in the voting for the company board on Dec. 14 at the annual meeting. Rachesky backs the current Lionsgate board, while Icahn has put forth his own alternative slate.
In November, Icahn lost his first battle in his fight against the debt for equity swap when the British Columbia Supreme Court ruled the deal was valid.
Lionsgate stock is currently trading at $7.21.