Santa Monica,
Calif. – Activist investor Carl
Icahn has made a bid to buy shares that would increase his stake in Canadian
film studio Lionsgate (NYSE: LGF) to 29.9%.
Icahn made an unsolicited offer to acquire 13.2
million shares of Lionsgate for $6 per share, or about $79 million; the
company’s shares closed at $5.45 on Friday.
Lionsgate said in a statement that
its board will review Icahn’s proposal and make a recommendation to
shareholders promptly.
The Associated Press noted that Icahn has "fought
for control" of Lionsgate with his former chief investment adviser, Mark
Rachesky, who controls nearly 20% of the studio and is on the company’s board.
Icahn
has made similar purchases of shares in companies he believes are undervalued
or whose management he believes is underperforming, including Yahoo and
Take-Two Interactive.
Related Links:
http://tinyurl.com/yhplxuf
(AP)
