SO WHAT NOW, CARL? Icahn's Tender Offer For Lionsgate Debt Fails

He only managed to get $600,000 of the $325 million in debt outstanding. It will be interesting to see Carl Icahn’s next move, but this one failed. On the one hand, the corporate raider/shareholder activist has kept Lionsgate management on their toes by looking over their collective shoulder. But there also comes a point where he’s destabilizing one of the few remaining independent buyers in Hollywood. So far, Jon Feltheimer et al have managed to stay one step ahead of the wolf in sheep’s clothing. (Right now, the mini-major is building a war chest to fend off Icahn by selling off a minority stake in its newly purchased TV Guide cable channel.) But given Icahn’s nearly unlimited resources, how long can that go on? As to what Icahn might do next, he might resume purchasing common equity in the market, and/or once again threaten to launch a slate of directors at the Lionsgate annual meeting in September. But he may not have the leverage to do anything more in the end than accept 3 seats on the board and agree to a 1-year standstill on the 20% threshold. Stay tuned.

  1. Relativity & Lionsgate Ink Deal
  2. Lionsgate Using TV Guide Network To Fend Off Carl Icahn
  3. Lionsgate About To Do Big Relativity Deal: So Why Today’s Layoffs?
  4. NASTY, NASTY NASTY: Lionsgate Forms Fight Club
  5. Icahn Prices Tender Offer For LG Debt
  6. And Say What About Carl’s Son?
  7. Carl Icahn Offers To Buy Lionsgate Debt
  8. Icahn Ends Talks With Lionsgate
  9. Lionsgate And Icahn Talking Board Seats
  10. Icahn & Rachesky Add To Lionsgate Stakes
  11. Lionsgate Getting Eaten Alive By Hunters
  12. Another Update On Icahn vs Lionsgate
  13. Icahn Interested In MGM, Too?
  14. Carl Icahn Notifies SEC That He May Add Or Remove Lionsgate Board Members
  15. Carl Icahn Ups Stake in Lionsgate To 13%
  16. Carl Icahn Increases Stake Still More In Lionsgate; What It Means…
  17. Carl Icahn May Be Amassing Bigger Stake In Lionsgate Than Most People Realize
  18. Icahn Ups Lionsgate Stake; Stock In Freefall After Lousy Quarter
  19. Michael Burns Loses 1/2 Lionsgate Stake
  20. Carl Icahn Takes 9% Stake In Lionsgate

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