Lionsgate to review Icahn's 'unsolicited' bid
Studio says shareholders need not 'take any action'TORONTO -- Lionsgate on Monday (March 1) said it will review activist shareholder Carl Icahn's "unsolicited" bid to up his stake and secure more control over the mini-major.
Icahn in mid-February said he intended to increase his stake from 18.9% to 29.9% with a tender offer of $6 per share for just over 13 million more shares.
After consulting with financial adviser Morgan Stanley and legal adviser Wachtell, Lipton, Rosen & Katz, Vancouver-based Lionsgate said it will consider Icahn's proposal before it recommends how company shareholders should respond to the overture.
Lionsgate added shareholders did not need "to take any action at this time."
Icahn made his offer contingent on Lionsgate not making any M&A deals outside the ordinary course of business, presumably to thwart potential runs by the mini-major at MGM or the Miramax library.