Vancouver, Canada – Film studio Lionsgate (NYSE: LGF) said on Tuesday
that its board of directors has voted unanimously to reject activist investor
Carl Icahn’s hostile takeover bid for control of the company, and urged its
shareholders to follow suit. The company said Icahn’s new offer, which
escalated from his previous offer earlier this month to up his stake to 30%, "remains
financially inadequate."
"The only substantive change is that the
Icahn Group is now bidding for full control of the Company without offering a
meaningful vision, without demonstrating a relevant track record of industry
experience and without paying a control premium," said Lionsgate
co-chairman and CEO Jon Feltheimer.
Icahn has stated that he hopes to wrest
control of the company in order to nominate new board members, and scuttle
Lionsgate’s bid to acquire the film libraries of MGM and Miramax.
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(DMW previous coverage)
