files/pictures/picture-35.jpgActivist shareholders Carl and Brett Icahn have given up their campaign to take over Lionsgate, writes The Hollywood Reporter
. The father and son investors have agreed to sell off 44,161,971 shares of the company, which amounts to most of their holdings. Additionally, the Icahns and Lionsgate have agreed to call off their pending lawsuits against each other.
This announcement comes right before the Lionsgate’s annual shareholders meeting in September. Lionsgate will buy back 11,040,493 shares at $7 per share from the Icahns. MHR Fund Management LLC, which is run by top shareholder Mark Rachesky, will buy 11,040,493 shares at the same price.
The long-running feud between Icahn and Lionsgate included multiple lawsuits. Several involved Icahn seeking court help in stopping Lionsgate from conducting a debt-for-equity swap with Rachesky, which resulted in the dilution of Icahn's percentage in the company. Icahn lost those court battles.