Saturday, August 15, 2020

WELCOME TO THE LIONS’ DIN

July 22, 2010 by · Leave a Comment 

A furious Carl Icahn on Wednesday threatened new legal action against Lions Gate Entertainment after the studio converted $100 million in debt owed to Kornitzer Capital Management into 16.1 million shares, thereby valuing them at $6.20 per share. Kornitzer, in turn, sold them to Mark Rachesky, who had been Lions Gate’s leading shareholder with a […]

NEW SHOTS FIRED IN LIONS GATE – ICAHN WAR

July 21, 2010 by · Leave a Comment 

After a 10-day lull in the trench warfare between the management of Lions Gate Entertainment and activist investor Carl Icahn, the two sides resumed the battle on Tuesday. Firing the first shot, Icahn launched a new hostile bid to gain control of the company, this time offering $6.50 for the shares, which had dropped from […]

ICAHN RESUMES BATTLE WITH LIONS GATE

July 20, 2010 by · Leave a Comment 

The so-called ten-day truce between Lions Gate Entertainment and activist investor Carl Icahn expired Monday night, and Icahn wasted no time renewing the battle. Early today he announced that he is ready to add to his 37.9 percent stake in the company. Shares in the company had fallen 16 percent since July 1 to $6.03, […]

LIONS GATE STOCK SINKS

July 16, 2010 by · Leave a Comment 

It is often the case when word gets out that one media company is considering the acquisition of another, the buyer’s stock takes a hit. Such is certainly the current case with Lions Gate Entertainment, which reportedly is in talks to buy MGM. Lions Gate stock dropped 4 percent to $6.36 on Thursday, its lowest […]

THE (STUDIO) LIONS SPEAK TONIGHT

July 14, 2010 by · Leave a Comment 

The mating dance of Hollywood’s two lions, Lions Gate Entertainment and MGM, the home of Leo the Lion, has resumed. According to Bloomberg News, Lions Gate Vice Chairman Michael Burns has been meeting with some of the investors who hold part of MGM’s $3.7-billion debt. The wire service said that the recent truce between Lions […]

TRUCE CALLED IN LIONS GATE/ICAHN FEUD

July 12, 2010 by · Leave a Comment 

Lions Gate Entertainment and maverick investor Carl Icahn said on Friday that they had agreed to a ten-day truce so that they could “work together on certain acquisition opportunities.” A lengthy legal document filed with the SEC failed to spell out what sort of acquisition opportunities the two sides might be working together on — […]

ICAHN MAKES FINAL PLAY FOR LIONS GATE CONTROL

June 29, 2010 by · Leave a Comment 

Investor Carl Icahn has warned shareholders in Lions Gate Entertainment that if they do not sell their shares to him at $7.00 a share, they will drop below that amount when his offer to buy them at that price expires on Wednesday. “I firmly believe that after the expiration of my tender offer – which […]

LIONSGATE PURSUING MGM AGAIN

June 24, 2010 by · Leave a Comment 

As one study about lions puts it, “Lion mating is notoriously quick, repetitive, and unsuccessful.” That description pretty well fits the recent courting efforts of Lionsgate studios to come together with MGM, the home of 86-year-old Leo the Lion. According to published reports, they are at it again. Citing people with knowledge of the situation, […]

LIONS GATE’S LENDERS WON’T FORCE DEFAULT

June 22, 2010 by · Leave a Comment 

Lions Gate Entertainment’s lenders have agreed to amend the terms of the studio’s $340-million credit facility, thereby forestalling potential bankruptcy. Under the original terms, a default on the loan would have been triggered if any single shareholder obtained 20 percent of the studio’s shares. Carl Icahn, who has been waging a bitter takeover battle against […]

ICAHN’S STAKE IN LIONS GATE NOW 31 PERCENT

June 17, 2010 by · Leave a Comment 

Corporate raider Carl Icahn’s raid on Lions Gate Entertainment appears to have edging closer to success. Published reports citing unnamed sources said Wednesday that by 5:00 p.m. PT today (Thursday), when his $7.00-a-share tender offer expires, he will own at least 31 percent of the company — up from 19 percent when he made the […]

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