Carl Icahn scores win in Lionsgate tussle
Ruling eliminates threat of studio's poison pill provisionsActivist shareholder Carl Icahn marked a notch in the win column Tuesday in his tussle with Lionsgate.
Canadian regulators ruled that shareholders can decide on whether to take up his tender offer of shares in the Vancouver-based minimajor, free from the threat of triggering proposed poison pill provisions.
Barring a successful appeal, the decision also means shareholders won't get to vote on those proposed provisions, a "shareholder rights plan" that Lionsgate wants to implement to thwart Icahn's takeover bid. His $7 a share tender offer expires Friday.
Icahn already controls almost 19% of Lionsgate shares. Among his main beefs with management have been Lionsgate's moves to acquire additional assets such as the MGM or Miramax film libraries.