Icahn Extends Again Tender Offer for Lions Gate (LGF) Shares

Carl Icahn has extended again a tender offer to buy all outstanding common shares of Lions Gate Entertainment Corp (LGF).

Icahn announced today that his offer to purchase up to all of the outstanding common shares of Lions Gate Entertainment for $7.00 per share in cash has been extended and will now expire at 8:00 p.m., New York City time, on June 16, 2010.

Mr. Icahn also announced that the offer has been amended to remove the condition that at least 36,9 million Lions Gates shares shall have been tendered under the offer. The offer is now for “ANY AND ALL” of Lions Gate’s outstanding common shares.

“We continue to be concerned that the Board may engage in an inappropriate dilutive defensive acquisition or other transaction in an attempt to thwart our offer. We will not sit idly by if the board attempts to employ inappropriate defensive tactics,” said Icahn in a statement. In addition, we will not hesitate to enforce our rights against any third party that attempts to tortiously interfere with our offer by entering into an inappropriate defensive transaction with Lions Gate.”

Lions Gate’s board of directors has repeatedly rejected Icahn’s $7-a-share offer as “financially inadequate, opportunistic and coercive.”

LGF gained 8 cents to $6.88 rtq at 12:26 E.T. in New York Stock Exchange trading.

Update:

Lions Gate Entertainment announced that its shareholders reject Icahn’s offer again.

PrNewswire: LGF “today announced that its shareholders again rejected the offer by Carl Icahn and certain of his affiliated entities (the “Icahn Group”) to acquire up to all of Lionsgate’s common shares for U.S.$7.00 per share in cash. Less than 4% of shareholders tendered into the offer.”

The Company stated, “Lionsgate’s shareholders have demonstrated that they believe the Icahn Group’s offer is financially inadequate.  Lionsgate appreciates the continued support of its shareholders and notes that, while there is no need for shareholders to take action at this time, those shareholders who have tendered into the offer can still withdraw their shares.”

About Ron Haruni 1036 Articles
Ron is the Co-Founder & Editor in Chief of Wall Street Pit. Web Site: Wall Street Pit

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