lionsgate_logoUPDATE: Not surpisingly, Lionsgate said it was “disappointed” by today’s Canadian regulatory ruling. “The Board and its advisors are reviewing the decision of the BCSC and considering all of Lionsgate’s options, including applying for an appeal of the BCSC decision.

“The Board continues to recommend that shareholders vote FOR the approval of the Shareholder Rights Plan at the Special Meeting of Shareholders which is scheduled for May 4, 2010.

In addition, the Board continues to recommend that shareholders reject the Icahn Group’s unchanged, unsolicited offer to purchase up to all of the common shares of Lionsgate for U.S.$7.00 per share because it is financially inadequate, opportunistic and coercive, and is not in the best interests of Lionsgate, its shareholders and other stakeholders. The Board strongly recommends that shareholders protect the value of their investment by NOT tendering their shares into the Icahn Group’s offer.”

5:00 PM: You know that poison pill that looked like it could end Carl Icahn’s attempt to take over Lionsgate? Well, it’s null and void now thanks to a new ruling by the British Columbia Securities Commission, that province’s regulatory body. (Lionsgate is incorporated in Canada as well as the United States.) This clears the way for Lionsgate shareholders to consider Icahn’s $7 per share offer which expires Friday. What will LG management do now?