Tags: US | Lions | Gate | Icahn

Icahn Renews Bid for Lions Gate After Truce Ends

Tuesday, 20 Jul 2010 09:51 AM


Activist investor Carl Icahn is declaring an end to his brief truce with boutique film studio Lions Gate Entertainment, renewing his bid to take over the company and replace its board.

Icahn disclosed that he now controls 37.9 percent of Lions Gate Entertainment Corp.'s shares. He has amassed enough of a stake that it could be difficult for the company's management to make major decisions without his OK.

And he said he will launch another tender offer for the stake he doesn't own, this time dropping his offer price by 50 cents to $6.50 per share.

Lions Gate shares rose 38 cents, or 6.3 percent, to $6.41 in morning trading.

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