Activist shareholder Carl Icahn has mounted a takeover bid for Lions Gate Entertainment. KPCC’s Steve Julian has more.
Lions Gate last week rejected Icahn’s effort to acquire a larger stake in the film company. The billionaire already owns nearly 19 percent of the company – his $6 per share offer would have raised his stake to 30 percent. The company turned it down out of concern Icahn would have too big a say in major decisions. Investors this morning reacted to Icahn’s takeover bid, prompting shares to fluctuate. Lions Gate Entertainment can be traced to the firm started in the 1970s by director Robert Altman. Its film library includes Monster’s Ball, Akeelah and the Bee, 3:10 to Yuma, and all seven Saw movies.