Tags: icahn | lions | gate | invest

Icahn Boosts Lions Gate Stake Past 33%

Sunday, 14 Aug 2011 03:59 PM

Billionaire Carl Icahn resumed purchases of stock in Lions Gate Entertainment Corp., the film and TV studio that makes “Mad Men,” eight months after ending a bid to take over the company.

Icahn bought 702,877 shares over the past two days at prices of $6.74 to $6.90 each, bringing his total to 45.5 million shares, according to a filing. He has 33.2 percent of the total, based on the share count in Lions Gate’s quarterly earnings report this week.

The purchases are Icahn’s first since July 2010 and may signal a change in strategy for the 75-year-old investor. The studio, run from Santa Monica, California, has been in a standoff with Icahn, who ended a $7.50-a-share buyout offer in December, after marshaling enough investors to block his bid for five board seats. The parties also tussled in court.

In May, Icahn asked a federal court judge in New York to dismiss Lions Gate’s last legal claim, an allegation that he paid a special price for Dallas Mavericks owner Mark Cuban’s 5.4 percent stake in the movie studio, according to legal documents filed at the time.

Lions Gate, based in Vancouver, rose 12 cents to $7 at 4:15 p.m. in New York Stock Exchange composite trading. The shares have gained 7.5 percent this year.

Peter Wilkes, a Lions Gate spokesman, said the company had no comment. A call to Icahn’s New York office wasn’t immediately returned.

The company plans to hold its annual shareholder meeting on Sept. 13 in Toronto, according to a separate filing today.

Management, led by Chief Executive Officer Jon Feltheimer and Vice Chairman Michael Burns, has kept the investor at bay with help from board member and ex-Icahn protégé Mark Rachesky, whose MHR Fund Management has 29 percent.

© Copyright 2017 Bloomberg News. All rights reserved.

1Like our page
2Share
Companies
Billionaire Carl Icahn resumed purchases of stock in Lions Gate Entertainment Corp., the film and TV studio that makes Mad Men, eight months after ending a bid to take over the company. Icahn bought 702,877 shares over the past two days at prices of $6.74 to $6.90 each,...
icahn,lions,gate,invest
291
2011-59-14
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved