Lionsgate Still Waiting To Price Icahn Shares

Has Lionsgate’s effort to sell 19.2M shares in the company owned by Carl Icahn been put “on hold,” as Reuters reported yesterday? The answer is: sort of, but not exactly. Yes, the company wanted to price the shares this week and hasn’t done so yet.  Timing is important: Lionsgate is committed to pay Icahn $7 a share, and closed on Tuesday at $6.84. Still, the company has until October 18 to make the sale, and can price it almost at a moment’s notice. So Lionsgate is within the window to see if it can command a better price. That’s not a far-fetched idea. Its shares closed today at $7.02. If there’s no sale by the mid-October deadline, then Icahn simply hangs on to his shares — something that neither side seems to want.

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