Billionaire Carl Icahn suffered another setback today in his hostile takeover attempt of Lionsgate. The Court of Appeal for British Columbia upheld a lower court ruling that Lionsgate had acted appropriately last year when it allowed a lender to swap his debt for equity. Icahn charged that the move was designed to keep Lionsgate management entrenched by diluting his stake in the film and TV production company. But the Canadian courts agreed with Lionsgate that the transaction was prudent. The company did not have to “forego the opportunity to reduce Lionsgate’s debt by some $100 million in order to preserve the status quo for Icahn’s benefit,” the Court of Appeal said. Earlier, the New York Supreme Court rejected a similar charge by Icahn that Lionsgate’s debt-for-equity swap violated the company’s fiduciary responsibilities to its shareholders.
Carl Icahn Loses Again: Canadian Court OKs Lionsgate Effort To Thwart His Hostile Bid
What's Hot on Deadline
Sony Pictures Confirms Quentin Tarantino Deal; Margot Robbie, Tom Cruise, Brad Pitt, Leonardo DiCaprio Circling
Jeffrey Tambor Accused By 'Transparent' Actress Of Sexual Harassment; Actor Admits "Flaws," Says "Misinterpreted"
'The Royals' Female Cast & Crew Members Speak Out, Accuse Showrunner Mark Schwahn Of Sexual Harassment
MoviePass Launches Annual Subscription Plan For Under $8 A Month: That's Lower Than The Average Movie Ticket Price
Latest Film News
- Jay Pharoah, Katt Williams, Keke Palmer In Lionsgate Laffer ‘#Twominutesoffame’
- ‘Get Out’ Director Jordan Peele: Scaring Up Racial Dialogue By Fusing Genre With Polemic
- Raza Jaffrey Cast In ‘The Rhythm Section’
- ‘Don’t Talk To Irene’ Filmmaker Pat Mills Signs With Verve
- Bryan Cranston Talks ‘Last Flag Flying’ And His Upcoming Turn As Howard Beale In ‘Network’ On The…
- Millennium Pacts In Exclusive Deal With ‘Curious George’ Rey Estate For Origin Story