MUMBAI: Shareholders, at a meeting on Monday, again saw Investor Carl C. Icahn and Lions Gate Entertainment at loggerheads when Carl Icahn said that he was extending his $7-a-share takeover offer for Lions Gate until 21 May.
But the studio called this extension a sign of weakness on Icahn‘s part since shareholders had tendered less than 6.5 per cent of the company‘s outstanding shares so far. The studio asserted that this was evidence that its shareholders had rejected Icahn‘s offer.
On the other hand, Icahn assailed Lions Gate‘s board and management for trying to push through a poison pill defense against his takeover bid,especially after the company lost an appeal of a ruling by the British Columbia Securities Commission that voided the poison pill plan on Friday.
Lions Gate is based in Vancouver and subject to Canadian securities law, although it operates out of Santa Monica, California.
Despite the adverse court ruling, Lions Gate is still planning on holding a special shareholders meeting on Wednesday to vote on the poison pill plan.
