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Tags: US | Lions | Gate | Icahn

Icahn Offers $79 Million for Lions Gate Movie Studio

Tuesday, 16 February 2010 03:09 PM

Activist shareholder Carl Icahn wants to boost his stake in movie studio Lions Gate Entertainment Corp. with an offer worth as much as $79 million.

Icahn is offering $6 per share in cash for up to 13.2 million shares in an effort to raise his stake in the company to nearly 30 percent.

Shares rose 6.5 percent to $5.57 on the news.

Icahn already controls about 18.9 percent of the Vancouver-based company.

Lions Gate has said if any one shareholder increases his stake above 20 percent, it could trigger a default on its credit facility.

But Icahn said in a statement such a default could be avoided through a waiver by the lenders or through prepayment of the debt.

Lions Gate said it would make a recommendation to shareholders soon.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
Activist shareholder Carl Icahn wants to boost his stake in movie studio Lions Gate Entertainment Corp. with an offer worth as much as $79 million.Icahn is offering $6 per share in cash for up to 13.2 million shares in an effort to raise his stake in the company to nearly...
US,Lions,Gate,Icahn
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2010-09-16
Tuesday, 16 February 2010 03:09 PM
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