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U.S. markets recover from steep losses
SANTA MONICA, Calif., July 20 (UPI) -- U.S. billionaire investor Carl Icahn said he would resume a takeover bid for Lions Gate Entertainment with a $6.50 per share tender for stock acquisition.
Icahn owns 38 percent of the California movie studio and has ongoing disagreement with the executive team, claiming it overspends, The Los Angeles Times reported Tuesday.
Along with the tender offer, Icahn's investment group said in a statement it would "seek to replace all or the lion's share of Lions Gate's board of directors with Icahn Group's nominees."
In a previous tender that expired June 30, Icahn offered $7 per share and jumped his control of the company to 38 percent, enough to seriously challenge management's decision to pursue a merger with Metro-Goldwyn-Mayer.
Icahn said his tender would be voided if Lions Gate entered into any material transactions, which would include a merger, the newspaper said.
As the company's board of directors rejected the $7 per share bid, it is likely the new bid will be rejected, despite the firm's shares falling to close to $6 recently.
Icahn's tender, however, sent share prices higher, with stocks jumping to $6.46 Tuesday.
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