Lionsgate poison pill appeal dismissed
Shareholders can freely weigh Carl Icahn's takeover bidTORONTO -- Lionsgate shareholders will freely weigh Carl Icahn's $7-per-share takeover offer after the British Columbia Court of Appeal on Friday refused to overturn a lower court decision to annul the mini-studio's poison pill defense.
Vancouver-based Lionsgate confirmed a three-judge panel dismissed its appeal of a April 27 decision by the British Columbia Securities Commission to invalidate a proposed shareholder rights plan to thwart Icahn's unsolicited takeover bid.
The B.C. Securities Commission earlier Friday said the lack of a competing bid for Lionsgate led to the decision to annul the anti-takeover defense to protect shareholder interests.