Carl Icahn Extends Offer for Lionsgate for Fifth Time
Carl Icahn has extended his unsolicited tender to purchase all stock in Lionsgate Entertainment at $7.50 per-share to Dec. 10.
Icahn also made his prolonged bid conditional on the New York State Supreme Court granting by Dec. 10 a preliminary injunction against rival Lionsgate shareholder Mark Rachesky voting at a Dec. 14 shareholders meeting in Los Angeles around 16 million shares he recently secured as part of a debt-for-equity swap.
The billionaire investor also waived two earlier conditions to the offer, one requiring that at least 50.1% of Lionsgate shares be tendered to Icahn and another requiring that the mini-studio rescind a July 20 deal to give Rachesky an additional 16 million shares, while reducing Icahn's own stake.
The New York State Supreme Court is scheduled to hear on Dec. 3 Icahn's motion for Rachesky's newly acquired shares to be denied status in any election of Lionsgate directors or other shareholder votes.
Icahn, who holds a near-one third stake in Lionsgate, has promised a proxy fight at the mini-studio's Dec. 14 shareholders meeting as part of along-standing bid to secure control of the company.