Mogul gives shareholders to Oct. 22
Carl Icahn is nothing if not tenacious.
The activist shareholder said Wednesday that he is pushing back the deadline to Oct. 22 for shareholders of Lionsgate to accept his hostile takeover offer.
No shareholders have yet tendered their shares to Icahn, who is offering $6.50 per share in his second tender offer since he started to agitate at Lionsgate earlier this year. Icahn wants to replace existing management with his own team.
The extension is largely due to Icahn wanting to see how a lawsuit he filed against Vancouver-based Lionsgate in Canada plays out. He is challenging a debt-for-equity swap that Lionsgate executed to dilute his stake from 38% to 33.5%, effectively weakening his takeover prospects.
Lionsgate executives declined to discuss the Icahn battle this week during an earnings conference call.
Execs offered no reasons to shareholders for their silence.