Icahn Increases Lionsgate Shares
Carl Icahn has added 2% more to his total shares in Lionsgate, reports VARIETY. He now controls 33.9% of the company, bolstering his stance in his proxy fight.
Icahn battle against the company's current board and management steams from what he believes is overspending on films and an unwise attempt to acquire film libraries such as MGM.
The activist shareholder made a $7-per-share takeover offer for the firm, which expired on Wednesday. On Thursday, the company's shares closed at $7.20 on the New York Stock Exchange.
When his shares went over 33%, he gained the power to veto mergers or acquisitions.
Icahn plans to present his own board of directors to the shareholders at the annual meeting in September.