Though Carl Icahn’s attempt to take control of Lionsgate was dealt a setback recently by a Supreme Court judge in British Columbia who dismissed Icahn’s lawsuit to stop a Lionsgate de-leveraging move that pushed his 38% stake down to 33.5%, Icahn is still trying. He’s extended his $7.50 per share offer, which had already been extended to November 12. All this is going on as MGM announced that it is speeding toward approval of its prepackaged bankruptcy, with Spyglass partners Roger Birnbaum and Gary Barber at the helm. Icahn, a significant holder of MGM debt, is in the middle of that, too, and there’s every indication there might be an alignment of Lionsgate and MGM, with Icahn playing a role. Here’s the announcement Icahn just made:
NEW YORK, Nov. 12, 2010– Carl C. Icahn announced today that the offer by his affiliated entities to purchase up to all of the outstanding common shares of Lions Gate Entertainment Corp. for $7.50 per share in cash has been extended and will now expire at 11:59 p.m., Vancouver time, on November 22, 2010, unless further extended or withdrawn.
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