Lions Gate files to appeal British Columbia ruling that quashed poison pill
By APWednesday, April 28, 2010
Lions Gate files to appeal B.C. poison-pill ruling
LOS ANGELES — Lions Gate Entertainment Corp. is appealing a decision by regulators in British Columbia to quash a shareholders rights plan that would have helped it fend off a takeover bid by Carl Icahn.
The company said Wednesday it applied to the British Columbia Court of Appeal for leave to appeal the British Columbia Securities Commission ruling.
A hearing on the application is set for May 3.
Lions Gate also said it would push a special shareholders vote on its plan back to May 12. It had earlier planned to vote on its rights plan on Tuesday.
Icahn has offered $7 per share to take over the movie studio, which is based in Vancouver but operates out of Santa Monica. The company has said the offer is too low.
