That’s basically the long and short of it. Lionsgate today announced that it has filed an application with the British Columbia Court of Appeal for leave to appeal the British Columbia Securities Commission’s decision to stop the studio from using a poison pill defense against Carl Icahn’s attempted takeover of the company. (That is euphemistically called by the company the “Lionsgate Shareholder Rights Plan”. The application is scheduled to be heard by the Court of Appeal on May 3rd. In light of the appeal process, Lionsgate’s Board of Directors voted to delay the Special Meeting of Shareholders to May 12th. Why then? Because, as LG notes, that’s “the earliest date the Icahn Group can complete its subsequent offering period under its [$7 per share] tender offer. Lionsgate believes that there are shareholders who, without the protection of the Shareholder Rights Plan, may be coerced to tender into the offer. The Company wants to provide shareholders an opportunity to obtain the information necessary to make an informed and non-coerced decision.” Geez, with this much continuing drama, this should have been the plot of Wall Street 2.
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