Summary Box: Lions Gate adopts poison pill, rejects Icahn offer to buy outstanding shares
By APFriday, March 12, 2010
Summary Box: Lions Gate rejects Icahn offer
ICAHN REBUFFED: Lions Gate Entertainment Corp. rejected a bid by activist shareholder Carl Icahn to boost his stake.
POISON PILL: The board adopted a provision that would substantially dilute the value of shares held by any hostile bidder who gains more than a 20 percent stake. That will severely crimp Icahn’s efforts.
BACK TO BUSINESS: Lions Gate is now refocusing on releasing movies such as the upcoming “Kick-Ass.” It is also mulling bids for struggling Metro-Goldwyn-Mayer and Miramax Films.
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