Lionsgate Lobbies Shareholders Ahead of AGM
Lionsgate on Monday charged Carl Icahn's dissident board nominees could undermine shareholder value if elected at an upcoming annual general meeting.
The mini-studio urged shareholders to instead vote a white proxycard for its own slate of 12 board nominees and toss the billionaire investor's gold proxy card and other materials.
"The Icahn Group has not articulated a vision as to how it would improveon the results the Lionsgate board has achieved," Lionsgate stated in a lobbying push ahead of the shareholders meeting in Los Angeles on Dec.14.
"We believe that the Icahn Group's dissident nominees, who lack a cleardirection, are unlikely to continue Lionsgate's recent success and, ifelected, could impair the value of your investment in Lionsgate by deviatingfrom the board's proven strategy to build value that has Lionsgate poisedfor continued future success," the company added in a statement.
Icahn, who owns around a third of Lionsgate stock, on Friday confirmed hewill nominate five rebel nominees for voting on by shareholders at the upcoming AGM, a move that followed a renewal of his $7.50 per-share tenderoffer for stock in the mini-studio.
Icahn's dissident board slate includes Canadian indie producer Jay Firestone, former MGM COO Chris McGurk, former Bertelsmann exec Michael Dornemann, Icahn Enterprises president Daniel Ninivaggi and Princeton economics professor Harold Shapiro.