Tags: US | Lions | Gate | Icahn

Lions Gate Rejects Latest Icahn Bid as Too Low

Tuesday, 23 Mar 2010 09:37 AM

Lions Gate Entertainment is rejecting as inadequate the latest bid for control of the film studio by activist investor Carl Icahn.

The company says its board has voted unanimously against Icahn's offer to buy all of its outstanding shares for $6 each, or about $575 million total.

In a statement Tuesday, Lions Gate says Icahn's offer is too low. The company also says Icahn has little relevant experience in the film industry or concrete plans for leading the company.

Lions Gate had already rebuffed an offer by Icahn that would have raised his stake in the company to 30 percent from 19 percent. It also rewrote its bylaws to make such a takeover attempt more difficult in the future.

Its shares rose 13 cents to $5.95 in premarket trading.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page
2Share
FinanceNews
Lions Gate Entertainment is rejecting as inadequate the latest bid for control of the film studio by activist investor Carl Icahn.The company says its board has voted unanimously against Icahn's offer to buy all of its outstanding shares for $6 each, or about $575 million...
US,Lions,Gate,Icahn
129
2010-37-23
 

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