Icahn ups his share in Lionsgate

Billionaire increases stake to 15.9% from 15.6%

Carl Icahn has nudged his stake in Lionsgate up to 15.9% from 15.6% since last week, indicating he may still make a run to control the mini-major.

The billionaire, who first began acquiring Lionsgate shares four years ago, disclosed in a Securities and Exchange Commission filing Tuesday that he had acquired 389,400 shares at prices between $5.36 and $5.49 a share since Friday.

Shares of Lionsgate declined 9¢ Tuesday to $5.31 on the New York Stock Exchange.

Icahn’s been critical of Lionsgate management, but his intentions toward the company remain unclear after he attracted little interest in April and May from debtholders for his tender offer to acquire the company’s convertible debt. He’s the second-largest shareholder after Mark Rachesky, a former Icahn associate who supports management and who increased his holding in March to just short of 20%.

If a single investor accumulates more than 20%, it would trigger change in control provisions that could force Lionsgate to default on its credit facility and debt.

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