Tags: US | Lions | Gate | Icahn

Icahn Extends Offer for Lions Gate Again

Friday, 21 May 2010 01:13 PM

Billionaire and activist investor Carl Icahn says he's extending his offer to buy Lions Gate Entertainment until June 1.

Icahn owns about 19 percent of Lions Gate shares. He has been in a battle for control of the company since last March.

Lions Gate says Icahn's offer to pay $7 per share is not enough. The boutique movie studio has tried to adopt measures to prevent a hostile takeover, but was thwarted by regulators in Canada, where Lions Gate is based.

Icahn says 4.6 million Lions Gate shares, or less than 4 percent of all outstanding shares, have been tendered.

Icahn has extended his offer a number of times. It was set to expire on Friday.

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