Lionsgate Stock Falls Sharply on Carl Icahn Settlement

 Billy Farrell/ Press

TORONTO – Stock in Lionsgate Entertainment tumbled Wednesday, a day after Carl Icahn waived the white flag by agreeing to sell his stake in the mini-major for $7.00 a share.

Investors in Vancouver-based Lionsgate followed suit, driving shares in the company down 56 cents, or 7.45%, to at $6.96 at the close of trading on the New York Stock Exchange.

Lionsgate and Icahn on Tuesday unveiled a settlement agreement that will see the billionaire investor sell up to 44,161,971 shares in the company, or around a 33% stake.

The drop in Lionsgate’s stock, and and end to its battle with Icahn, comes ahead of a September 13 annual shareholders meeting in Toronto.

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