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
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.
has made similar purchases of shares in companies he believes are undervalued
or whose management he believes is underperforming, including Yahoo and