Carl Icahn has stopped his proxy fight for control of Lionsgate, reports Variety. The activist shareholder conceded that he doesn't have a chance to win. This announcement comes a day before Icahn's tender offer of $7.50 per share was set to expire.
Last week, a court tossed his lawsuit against Lionsgate, seeking the reversal of a debt-for-equity swap that dropped Icahn's stake to 33% and raised management friendly Mark Rachesky's to 29%.
Icahn added that he would continue to watch deals at Lionsgate in order to "protect" his investment and still urges shareholders to vote for his alternative slate of directors at the Dec. 14th annual meeting.
Icahn has been buying up MGM debt and will hold 14% of that company when it emerges from bankruptcy.
Lionsgate has spent $55 million fighting Icahn's takeover attempt over the past year.