Carl Icahn puts pressure on Lionsgate
Poison pill vote is scheduled for May 4TORONTO -- Carl Icahn has turned the heat up on Lionsgate ahead of a planned poison pill defense vote by company investors next week.
The British Columbia Securities Commission on Monday took up Icahn's March 24 application to "terminate" the impact of Lionsgate's proposed shareholders rights plan before a May 4 shareholders meeting in Toronto to vote on the anti-takeover measure.
And Icahn pointed to proxy advisory firm Proxy Governance urging Lionsgate shareholders to vote against the company's defensive tactics next week. "I am gratified to see that PGI agrees with our view that shareholders -- free from impediments such as poison pills that serve merely as entrenchment devices - should have the right to decide for themselves whether they wish to sell their shares in our tender offer," Icahn said in a statement.
Proxy advisory firm RiskMetrics Group also came out against the Lionsgate poison pill plan last week. Lionsgate has received support from investment advisers Glass Lewis and Egan-Jones Proxy Service, and has urged investors to reject Icahn's latest $7-per-share bid for the indie studio, which is open until April 30, unless extended or withdrawn.