Summary Box: Icahn seeks bigger Lions Gate stake, delay in deal for MGM, Miramax
By APTuesday, February 16, 2010
Summary Box: Icahn seeks bigger Lions Gate stake
ICAHN ON THE HUNT: Activist investor Carl Icahn is offering $6 per share for up to 13.2 million outstanding shares in movie studio Lions Gate Entertainment Corp. in a move to boost his stake to nearly 30 percent.
WHY HE’S POUNCING: Icahn’s offer comes just as the studio considers buying struggling rivals Metro-Goldwyn-Mayer Inc. and Miramax Films, owned by Disney. But it depends on there being no new acquisitions above $100 million, throwing a wrench into those plans.
HOW THE MARKETS REACTED: Lions Gate’s shares went up 25 cents, or 4.8 percent, to close at $5.48.
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