Lionsgate Shareholds Back Poison Pill

SANTA MONICA/VANCOUVER: Lionsgate stockholders today voted on its Shareholders Rights Plan, with 55.7 percent casting their support for the measure, intended to block a hostile takeover by billionaire financier Carl Icahn.

The studio notes that excluding the votes submitted by the Icahn Group, 70.4 percent voted in favor of the shareholder rights plan. At the meeting, shareholders representing 90.9 percent of the company’s shares cast votes on the proposal. "The Board and management team thank Lionsgate shareholders for their support throughout this process," the studio said in a statement. "Today’s outcome demonstrates that Lionsgate shareholders are serious about protecting the value of their investment in the Company from financially inadequate, opportunistic and coercive offers such as the one made by the Icahn Group."

The vote follows the ruling by the British Columbia Securities Commission to cease the poison pill. Lionsgate says its still evaluating its options with regards to that decision.

Icahn’s $7-per share tender offer is valid till May 21.