Tags: US | Lions | Gate | Icahn

Icahn Raises Bid for Lions Gate to $7.50 Per Share

Tuesday, 31 Aug 2010 10:24 AM

Activist investor Carl Icahn is raising his bid for the boutique film studio Lions Gate Entertainment Corp.

Icahn says he is now offering $7.50 per share, up from $6.50.

Lions Gate shares jumped 83 cents, or 13 percent, to $7.32 in morning trading.

Icahn says the new offer will only be valid if the extra shares that the company recently issued to Lions Gate director Mark Rachesky are rescinded or converted into nonvoting stock.

Lions Gate, which has resisted Icahn's bid for control, did a debt-for-equity swap in July that boosted Rachesky's stake to 28.9 percent, while diluting Icahn's to 33.5 percent from 37.9 percent. Icahn has asked the Supreme Court of British Columbia to reverse the swap.

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Activist investor Carl Icahn is raising his bid for the boutique film studio Lions Gate Entertainment Corp.Icahn says he is now offering $7.50 per share, up from $6.50.Lions Gate shares jumped 83 cents, or 13 percent, to $7.32 in morning trading.Icahn says the new offer...
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2010-24-31
 

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