British Columbia regulators void Lions Gate poison pill, allowing Icahn offer to proceed
By APTuesday, April 27, 2010
B.C. regulators quash Lions Gate poison pill
LOS ANGELES — A panel of regulators in British Columbia have voided a shareholders rights plan by Lions Gate Entertainment Corp. that would have prevented a takeover attempt by investor Carl Icahn.
The British Columbia Securities Commission confirmed the decision Tuesday.
Icahn said in a statement the decision will allow shareholders in the movie studio the right to decide for themselves whether they will sell shares to him for his offer price of $7 apiece.
Lions Gate’s shares jumped nearly 7 percent in after-hours trading on Tuesday. That suggests investors still believe a higher bid will emerge.
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