In the war between shareholder Carl Icahn and Lionsgate, the studio lost a round when Canadian regulators rejected their poison pill option, reports VARIETY . The move would have diluted Icahn's shares if he obtains a 20% stake or higher. The British Columbia Securities Commission did not give reasons for its decision.
Icahn currently controls 19% of Lionsgate and has made a $7 per share offer to take over the company. The shareholder is upset with the way Lionsgate is handling financial decisions.