Lionsgate poison pill appeal dismissed

Shareholders can freely weigh Carl Icahn's takeover bid

TORONTO -- 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.
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