Lionsgate Rejects Icahn’s Latest Offer

SANTA MONICA: Lionsgate’s board of directors has unanimously rejected Carl Icahn’s latest tender offer, priced at $6.50 per share.

The financier has been attempting to take control of the independent studio, recently wrapping a tender offer, of $7 per share, that increased his stake to 37.9 percent. (A debt-to-equity deal has subsequently reduced his interest to about 33 percent, prompting Icahn to file suit against the studio last week.)

Lionsgate says that Icahn’s latest offer is not in the best interest of the studio or its shareholder, and the board "strongly recommends" that stakeholders not tender their shares.