Lions Gate Board Tells Shareholders to Reject Icahn’s Sweetened Offer

Lions Gate Entertainment (LGF) board has rejected by unanimous vote of the directors Carl Icahn’s offer to buy up outstanding shares for $7 each. Icahn on Friday offered to buy all of Lions Gate’s common shares for $7 each, raising a previous $6 per share offer. The board upon the recommendation of the Special Committee of the Board rejected the buyout offer and said in a statement the offer was “financially inadequate, opportunistic and coercive and is not in the best interests of Lions Gate, its shareholders and other stakeholders.”