Icahn launches hostile bid for Lions Gate

By: Associated Press | WNCT-On Your Side
Published: March 19, 2010

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NEW YORK (AP) - Activist shareholder Carl Icahn is launching a takeover bid for Lions Gate Entertainment. The disclosure comes a week after the film studio rejected his bid to take a larger stake in the company.
Icahn says in a statement he is offering $6 a share for the entire company.
Investors sent Lions Gate shares above the offered price in morning trading Friday, as the stock rose 4.7 percent to $6.25.
Icahn, a billionaire who owns almost 19 percent of Lions Gate, launched a tender offer of $6 a share for shares last month that would have raised his stake to nearly 30 percent.
But the company opposed the offer, saying it would give him too much say in major decisions.

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