Lionsgate appeals poison pill decision

Canadian regulators had sided with Carl Icahn

TORONTO -- In its latest countermove against activist shareholder Carl Icahn, Lionsgate late Wednesday said the British Columbia Securities Commission on May 3 will hear its appeal of a decision Tuesday to annul its proposed poison pill defense.

"Lionsgate ... believes that its shareholders' right to vote is paramount and the BCSC's decision regarding the shareholder rights plan should have been withheld until Lionsgate shareholders had the opportunity to consider and to vote at the special meeting of shareholders," the Vancouver-based indie studio said in a statement.

Company shareholders were to have voted on Lionsgate anti-takeover defense May 4 in Toronto, until the B.C. securities regulators sided with activist shareholder Carl Icahn and ruled investors can take up his $7 per share tender offer free from the threat of triggering proposed poison pill provisions.

Lionsgate has rescheduled its special Meeting of shareholders to May 12.