Icahn takeover bid for Lions Gate falls short; billionaire’s stake reaches 33.9 percent
By APThursday, July 1, 2010
Icahn takeover bid for Lions Gate falls short
NEW YORK — Carl Icahn’s bid to take over the boutique film studio Lions Gate Entertainment Corp. has fallen short.
The billionaire investor said says that stockholders representing another 2.4 million Lions Gate shares accepted his $7-per-share offer by the Wednesday deadline. That leaves him short of a controlling interest with about 40 million shares, or 33.9 percent of the total.
Even so, Icahn could continue to influence how Lions Gate is run. With such a large chunk of stock, he could potentially help block decisions that require a two-thirds shareholder vote.
Shares of Lions Gate Entertainment Corp. are up 13 cents, or 2 percent, at $7.11.
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