California - Finance
Lions Gate rejects Icahn offer to buy shares
Posted: Mar 12, 2010 6:09 AM
Updated: Mar 12, 2010 6:09 AM
SANTA MONICA, Calif. (AP) Lions Gate plans to reject an offer from activist shareholder Carl Icahn to buy up to 13.2 million shares in the movie studio.
The company says Icahn's offer of $6 per share or up to $79 million is inadequate.
The billionaire was looking to raise his stake in Lions Gate Entertainment Corp. to as much as 30 percent. He currently holds a stake of nearly 19 percent.
The move comes as Lions Gate is considering bidding for the faltering Metro-Goldwyn-Mayer Inc. studio and the Walt Disney Co.'s Miramax Films division.
Ichan has been increasing his Lions Gate holdings since 2008 as he has fought for control with his former chief investment adviser Mark Rachesky, who owns a nearly 20 percent stake.
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