Vancouver,
Canada – In a
letter to shareholders sent on Friday, Canadian film studio Lionsgate (NYSE: LGF) urged shareholders to adopt a "poison pill" as a means of deflecting activist investor Carl Icahn’s hostile takeover bid for the
company, to be voted on in a special shareholders’ meeting on May 4.
At the
meeting, shareholders will be asked by the company’s board to approve a
"poison pill" shareholder rights plan, meant to discourage takeover
bids like Icahn’s by potentially diluting the resulting ownership stake.
Lionsgate
reiterated that it believes Icahn’s offer of $6 per share offer is
"financially inadequate and coercive and is not in the best interests of
Lionsgate, its shareholders and other stakeholders."
The company also touted
its financial and market performance in recent years, and cautioned that Icahn’s
investor group "lacks industry experience and its ambition to run
operations could harm Lionsgate and the value of your investment."
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