Carl Icahn steps up fight with Lions Gate, says he will try to replace studio’s board
By APFriday, June 11, 2010
Carl Icahn steps up fight with Lions Gate
NEW YORK — Billionaire investor Carl Icahn is stepping up his effort to take control of the boutique movie studio Lions Gate. Icahn says he will put up his own slate of candidates to replace the company’s board.
Icahn, who has a roughly 19 percent stake in Lions Gate Entertainment Corp., has been tussling with management since last year.
In an open letter to the company’s board Friday, Icahn jabbed at Lions Gate’s directors for allowing its stock price to sink over the past five years. He said he hopes a new board will move quickly to replace management.
The company’s stock was down a penny in morning trading to $6.98.
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