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2ND UPDATE: Aaah… Icahn and Cuban were both large shareholders of Yahoo, when they were trying to get Yahoo to sell to Microsoft. Has Carl now solicited Mark to help him out with the war for Lionsgate?
UPDATE: No surprise. Lionsgate’s board will review Carl Icahn’s higher tender offer. But the studio immediately recommended that shareholders “take no action at this time”.
The battle for Lionsgate wages on. Carl Icahn increased his tender offer for Lionsgate to $7 per share. Also today, Mark Cuban reported that he now has a 5.4% stake in the studio. What the hell that means is anybody’s guess. All this drama is unfolding against the backdrop of the May 4th date by which the studio is demanding its shareholders vote on whether LG should block Icahn’s advances. The corporate raider/shareholder activist, who wants the studio for his son to run, or at the very least board seats, currently controls about 19% of Lionsgate’s shares. He initially wanted to buy the rest of the stock for a mere $6 a share. Today’s raised offer is good, but still not great. I suspect there’ll be another war of words between Icahn and LG moguls very soon.
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Isn’t LG losing money?
Mark Cuban is probably starting to realize he needs a stronger distribution system than what he currently has with Magnolia to feed all his pipelines (Landmark Theatres, HDNet, et al.)
Cuban is just playing the momentum on a stock he knows well. He has been an investor in Lions Gate for many years. There is not a smarter day trader out there than Cuban. He is going to make (another) quick buck.
The boys at Lionsgate better get their ‘poison pill’ in place real soon.
Feltheimer and his merry men may lose their home in Lionsgate land.
Unlike in Delaware, Canadian companies can leave a poison pill in place only for a brief period of time (usually 45-60 days) to buy time to find a higher bidder – any longer and shareholders must vote to leave it there. But if shareholders vote to leave a pill in place, they wouldn’t have tendered their shares in the first place.
LGF stock price immediately jumped to just under $7 on Friday, meaning the market thinks the takeover will be successful.
I was unaware Canadians had that poison pill clause. Mark and Icahn no much much more than we do about the internals of these companies (yes more than the 10k). Icahns insider buying got me to pull the trigger on TTWO and I won. Currently I am buying stock Cuban bailes on (CNIC). I’ve found good research on LFG, TTWO and other related small cap stocks on http://www.microcapreports.com/
Mark needs something to do now that the Mavericks are out of the NBA playoffs.
Icahn is getting old, but he is very good at what he does. Obviously, LG is what he wants, and he’ll get it (and make money off it).
This is typical of Icahn every time he finds some business he wants to have just like when he and Ron Perlman fought over control of Marvel. as for Mark at least he is making Carl work to have Lionsgate instead of just getting it on a silver platter. though in the end sharks like Carl usally get what they want.