Lionsgate Prices Secondary Offering of Carl Icahn Shares at $7 Each
The mini-major is moving ahead with an offer of around 19.2 million shares held by the activist shareholder after market volatility earlier delayed the stock sale.
TORONTO - Lionsgate could yet see the back of Carl Icahn.
The mini-studio on Thursday priced its secondary offering of around 19.2 million shares belonging to the activist shareholder at $7.00 per share.
Recent market volatility had kept Vancouver-based Lionsgate from completing an original plan was to sell up to 44,161,971 shares in Lionsgate as part of a settlement with Icahn that would see the billionaire investor and son Brett Icahn unload their 33% stake for $7.00 a share.
That stock sale would also see the dust settle on a bitterly-fought proxy battle between Lionsgate and Icahn.
On completing the offering, investment funds tied to Icahn will still own 3.1% of the mini-major’s shares.
Lionsgate said it expects to close the secondary offering on October 18.