The studio sees the glass as half full, putting out a statement that “66% of Lionsgate stockholders support management and rejected Carl Icahn’s $7-a-share tender offer. But after that offer expired last night, Carl Icahn now owns 33.9% of the Santa Monica movie and television studio which he’s been attempting to control for his son Brett through a hostile takeover. I’ve already reported that Lionsgate Vice Chairman Michael Burns flew to NYC last week to break bread with Icahn and discuss, among many topics, Lionsgate’s merger talks with MGM. But the rehetoric from both sides remains nasty. So can a negotiated settlement be reached before Icahn starts that promised expensive proxy fight prior to the studio’s annual shareolders meeting this September? the next news may well be Icahn’s announcement of a full slate of directors to replace Lionsgate’s board. here’s Lionsgate’s statement today:
At the completion of the Icahn Group’s offer, holders of over 66% of Lionsgate shares have rejected the Icahn Group’s offer, with only 2.1% of the outstanding shares being tendered into the offer during the subsequent offering period.
We want to take this opportunity to thank our shareholders. Lionsgate’s shareholders have repeatedly confirmed their support for the Board and management’s strategy to grow shareholder value by continuously rejecting the Icahn Group’s financially inadequate offer.
Our focus continues to be running the business to build value for all of our shareholders. As reflected in our strong fiscal 2010 results, the Board believes that the best path for increasing the value of the Company for the benefit of all shareholders is to continue executing Lionsgate’s growth strategy. We look forward to continuing to unlock the exceptional value within Lionsgate’s diversified portfolio of assets.
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