Carl Icahn extends Lionsgate deadline

Shareholders have until May 10 to tender shares

Carl Icahn's hostile attempt to take control of Lionsgate has been slow-going, so he has extended his deadline by 10 days.

Shareholders now have until midnight Eastern time on May 10 to tender their shares to Icahn for $7 apiece.

Icahn said that only 6.6 million shares have been tendered so far, amounting to less than 6%. He already owns about 19% of Lionsgate.

The new deadline comes two days before shareholders are to vote on a rights plan preventing the sort of takeover Icahn has in mind, but British Columbia regulators voided that plan.

Lionsgate, a Vancouver-based company, has applied to appeal the ruling and has therefore not canceled its May 12 special shareholders meeting to vote.

Icahn's $7-a-share offer values LIonsgate at about $825 million. While the stock closed at $6.92 on Friday, Icahn maintains it being propped up by his efforts to buy the company and the share price could quickly sink beneath $5 -- where it was in February -- if he were to withdraw his offer.

Lionsgate, though, boosted its fiscal full-year earnings guidance on Thursday to $115 million, minus interest, taxes, deprecation and amortization. That's $40 million more than it had forecast previously.

But whether the improved financial picture is enough to keep the stock trading near the $7 range absent Icahn's acquisitive intentions remains to be seen.

Lionsgate, the studio behind the "Saw" and Tyler Perry movie franchises and "Mad Men" TV show, is scheduled to deliver its fourth-quarter and full fiscal year earnings on June 1.

Icahn said on CNBC recently that if he doesn't purchase Lionsgate, it doesn't mean his activism will let up. "If we don't get it, we don't get it, and that's life," he said. "We'll probably have a proxy fight."
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