icahn lg2ND UPDATE: Aaah… Icahn and Cuban were both large shareholders of Yahoo, when they were trying to get Yahoo to sell to Microsoft. Has Carl now solicited Mark to help him out with the war for Lionsgate?

UPDATE: No surprise. Lionsgate’s board will review Carl Icahn’s higher tender offer. But the studio immediately recommended that shareholders “take no action at this time”.

The battle for Lionsgate wages on. Carl Icahn increased his tender offer for Lionsgate to $7 per share. Also today, Mark Cuban reported that he now has a 5.4% stake in the studio. What the hell that means is anybody’s guess. All this drama is unfolding against the backdrop of the May 4th date by which the studio is demanding its shareholders vote on whether LG should block Icahn’s advances. The corporate raider/shareholder activist, who wants the studio for his son to run, or at the very least board seats, currently controls about 19% of Lionsgate’s shares. He initially wanted to buy the rest of the stock for a mere $6 a share. Today’s raised offer is good, but still not great. I suspect there’ll be another war of words between Icahn and LG moguls very soon.