Movies

Icahn claims 37.9 per cent Lions Gate stake

MUMBAI: Billionaire investor Carl Icahn has claimed that he now has 37.9 per cent stake of Lions Gate Entertainment Corp and is likely set to push for management change.


By this Icahn and the group affiliated to him would trigger the company‘s newly adopted ‘poison pill’ provision that was designed to block the investor‘s hostile takeover attempt.


Icahn, who just had earlier this week disclosed that his hostile $7 per share tender offer had brought him to a 34 per cent stake in the company said that he achieved 37.9 per cent holding by buying shares at the New York stock exchange.


Icahn and his group believe that the more shares they own, the more influence they will have to change the make-up of Lions Gate‘s board of directors and reverse the direction that Lions Gate is now taking.


The board of Lions Gate, the studio that made films like Man Men and Saw has rejected Icahn‘s bid as too cheap. The studio said it adopted a shareholder rights plan in a move to dissuade Icahn.

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