Icahn’s Liongate Tender Ends

NEW YORK: Billionaire financier Carl Icahn has failed to gain a controlling interest in Lionsgate, with the conclusion of his tender offer leaving him with a 33.9 percent stake—up from just under 20 percent a few months ago.

The tender offer completed with Icahn acquiring an additional 2,433,074 shares, after he secured 15,593,104 during the initial offering period that concluded June 16. He now owns 40,003,367 Lionsgate common shares.

The independent studio, affirming that 66 percent of shareholders rejected Icahn’s takeover efforts, stated: "Our focus continues to be running the business to build value for all of our shareholders. As reflected in our strong fiscal 2010 results, the Board believes that the best path for increasing the value of the company for the benefit of all shareholders is to continue executing Lionsgate’s growth strategy.  We look forward to continuing to unlock the exceptional value within Lionsgate’s diversified portfolio of assets."