Calif. – Film studio Lionsgate (NYSE: LGF)
announced on Wednesday that a majority (70.4%) of its shareholders voted to
adopt a shareholder rights plan intended to make it more difficult for activist
investor Carl Icahn to wrest control of the company.
demonstrates that Lionsgate shareholders are serious about protecting the value
of their investment in the Company from financially inadequate, opportunistic
and coercive offers such as the one made by the Icahn Group," the company
However, a Canadian court recently ruled that the company’s "poison
pill" provision was invalid; Lionsgate stated it "continues to
evaluate all of its alternatives" in the matter.
The company also
reiterated its plea to shareholders to reject the Icahn Group’s offer to
acquire control of the company.
(DMW previous coverage)