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The billionaire shareholder activist isn’t buying a lot — but it’s enough to keep company watchers wondering whether he might challenge Lionsgate’s management at the September 13th investor meeting in Toronto. He bought 53,963 shares this week at about $7 a share, raising his stake slightly to 33.2%, he says in an SEC filing. The latest purchases follow the 702,877 shares he bought last week, his first purchase of the studio’s stock since July 2010. It’s unclear whether he’ll be able to cast votes with his new holdings. Lionsgate set August 5th as the record date — purchases after then typically can’t be voted. But Canadian law allows for some exceptions. Still, Icahn could offer other candidates for the board at any point up to the meeting. Icahn, who has criticized Lionsgate’s spending and strategy, nominated five board candidates last year. All lost. Lionsgate said last week that it is running the same 12-director slate that was elected last year.
Carl Icahn Continues To Buy Lionsgate Stock Ahead Of Shareholder Meeting
Google To Become Mobile Handset Power With $12.5B Deal For Motorola Mobility
This is the biggest deal Google has ever made. We’ll see whether it gives the Web giant the resources it needs to make its Android-powered handsets even more potent competitors to Apple’s iPhone. But Motorola Mobility investors should be happy with the $40 a share offer — a 63% premium from Friday’s closing price: Billionaire Carl Icahn, who owns 11.4% of the company and had urged it to consider cash-generating options such as selling its patent portfolio, says the deal is “a great outcome for all shareholders of Motorola Mobility, especially in light of today’s markets.”
MOUNTAIN VIEW, Calif. & LIBERTYVILLE, Ill.– Google Inc. (NASDAQ: GOOG) and Motorola Mobility Holdings, Inc. (NYSE: MMI) today announced that they have entered into a definitive agreement under which Google will acquire Motorola Mobility for $40.00 per share in cash, or a total of about $12.5 billion, a premium of 63% to the closing price of Motorola Mobility shares on Friday, August 12, 2011. The transaction was unanimously approved by the boards of directors of both companies.
The acquisition of Motorola Mobility, a dedicated Android partner, will enable Google to supercharge the Android ecosystem and will enhance competition in mobile computing. Motorola Mobility will remain a licensee of Android and Android will remain open. Google will run Motorola Mobility as a separate business.
Carl Icahn Buys More Lionsgate Stock; Does He Plan Another Run?
Billionaire Carl Icahn bought 702,877 shares of Lionsgate this week, raising his stake in the movie and TV studio about 0.5% to 33.1%, he says in an SEC filing today. What appears to be his first purchase of the … Read More »
Lionsgate CEO Jon Feltheimer’s $7.9M Compensation Package For FY 2011 Up 116.8% Thanks To Carl Icahn
Billionaire Carl Icahn did a big favor for Lionsgate execs when he accumulated more than 33% of the stock in June 2010. That triggered change-in-control clauses in executives’ contracts, accelerating their stock payments for the fiscal year that ended this … Read More »
Will ‘Hunger Games’ Become A Movie Phenomenon For Teens, And Lionsgate?
Now that the Harry Potter series is done, it’s only natural that Wall Street would start to wonder: What’s the next movie franchise that will drive teens and adults to the box office in droves? And two analysts today think they have an answer. Lionsgate’s The Hunger Games, a four-movie series based on Suzanne Collins’ trilogy about two teens in a post-apocalyptic society struggling to survive a life-or-death contest. PiperJaffrey’s James Marsh raised his target price for Lionsgate shares to $12 from $10 based largely on his expectation that the films will “provide a material and identifiable catalyst” for the company. Cowen and Co’s Doug Creutz used similar language to project that Lionsgate shares will “outperform the market by at least 20% over the next 12 months.” That would be a welcome change for Lionsgate. Many investors soured on the company while billionaire Carl Icahn battled to take control and DVD sales began to collapse for the industry. Lionsgate’s shares have appreciated just 5% over the last 12 months while the overall market was up 20%. But the analysts say investors will turn the page as they begin to feast on news about Hunger Games. Marketing will begin late this year for the March 2012 release. Marsh says he expects it to become “the highest grossing film of all time at Lionsgate” with $150M in domestic box office sales. Read More »
Carl Icahn Loses Again: Canadian Court OKs Lionsgate Effort To Thwart His Hostile Bid
Billionaire Carl Icahn suffered another setback today in his hostile takeover attempt of Lionsgate. The Court of Appeal for British Columbia upheld a lower court ruling that Lionsgate had acted appropriately last year when it allowed a lender to swap his debt … Read More »
Lionsgate Talking To Canada’s Alliance Films About Deal For Maple Pictures
Canada’s already cozy film market may soon become a little cozier. We hear that the country’s No. 1 independent film distributor, Alliance Films, is angling to acquire one of its largest competitors, Maple Pictures — and is deep into talks … Read More »
Floundering Blockbuster Bought By Dish Network For $320 Million
The Blockbuster video chain slogan “Make it a Blockbuster night” hasn’t been relevant in a long time. But it was apt last night. Bidders battled through the evening to capture the distressed asset before Dish Network closed a deal worth $320 million at around 3 AM East Coast time. That bested rival offers that included one from Carl Icahn. The deal has to pass bankruptcy muster, but the bid includes $228 million in cash, which at least gives studios a chance to recoup some of the money owed for past merchandise shipments. Can Dish figure out a way to capitalize on a once mighty brand? I can remember standing in long lines on a Friday to rent a movie, and enduring exorbitant late charges because Blockbuster had more copies than rental store on the hot movie you wanted to see. But with the $1 Redbox option available in kiosks at every supermarket, and Netflix’s painless streaming program and mail rental system, can anyone remember the last time they even stepped foot in a Blockbuster store? Blockbuster’s brick and mortar strategy was exposed as a dinosaur strategy when those other services began to rise, and the behemoth moved too slowly to adapt to the times and protect its turf. Here is the official statement from Dish: Read More »
UPDATE: Icahn Group Makes Highest Bid For Blockbuster At Auction
UPDATE, 2 PM: An investor group led by Carl Icahn made a leading bid of $310.6M for Blockbuster today in U.S Bankruptcy Court in New York, topping a $307.1M bid by Dish Network, Bloomberg is reporting. Icahn attended the … Read More »
Blockbuster Creditors Amassing Against April 4 Auction
Amid reports today in the Wall Street Journal that investor Carl Icahn and Dish Network, and even South Korean company SK Telecom, are reportedly preparing bids for Blockbuster ahead of its auction Monday, creditors like Microsoft, Yahoo and T-Mobile are … Read More »
Lionsgate Gets Dismissal Of Carl Icahn Suit
BREAKING: In the ongoing courtroom battle between Liongate and Carl Icahn, Lionsgate came out a big winner today. A New York State Supreme Court judge dismissed Icahn’s suit against Lionsgate over the studio’s de-leveraging transaction on July 20, 2012. That … Read More »
Ruling Opens Way For Blockbuster To Be Sold, Not Liquidated
It looks like Carl Icahn will get his chance to bid on Blockbuster after all. A U.S. Bankruptcy Court judge in New York has ruled that the video rental chain can go ahead with an auction after it restructured a deal to better satisfy some creditors who felt the … Read More »
In Other News: Lionsgate/Icahn, Spidey’s Fall Guy, Judith Miller, James Franco And Ailing Borders
The sharp elbowing between Lionsgate and Carl Icahn takes another turn in the courtroom. The Wall Street Journal reports that Lionsgate filed in court to force Icahn to disclose any confidential merger agreements he made with MGM. This continues … Read More »
Lionsgate Reveals Board Vote vs Carl Icahn
SANTA MONICA, Calif. and VANCOUVER, B.C. — December 16, 2010 — Lionsgate announced today that IVS Associates, Inc., the independent Inspector of Elections, has released its preliminary report for Lionsgate’s 2010 Annual General Meeting of Shareholders held on December 14, 2010.
Based on the preliminary tabulation by IVS Associates, Lionsgate shareholders
Lionsgate Keeps Icahn Out Of Board Room; UPDATE: Carl Vows Fight To “Save Studio”
UPDATE 1:30 PM: Carl Icahn released the following reaction to Lionsgate shareholders today re-electing current Lionsgate management’s board of directors and not his own proposed 5 directors. from the sound of it, Icahn has zero intention of giving up:
We are disappointed
After Legal Setbacks, Carl Icahn Lets Lionsgate Tender Offer Expire
Carl C. Icahn announced today that the offer by his affiliated entities to purchase any and all of the outstanding common shares of Lions Gate Entertainment Corp. for $7.50 per share in cash has expired. The offer had been conditioned upon the New York State Supreme Court granting, by
Icahn Injunction Against Lionsgate Rejected
Not surprisingly, Lionsgate is trumpeting the fact that Carl Icahn has been dealt another court loss. The New York State Supreme Court just ruled against Icahn’s injunction to unwind Lionsgate’s July 20th deleveraging manuever that had the effect of diluting Icahn’s stake in Lionsgate from around 37% to around 32.8% and increasing studio board … Read More »
Lionsgate Losing Proxy PR Battle To Icahn
The Carl Icahn vs Lionsgate proxy war heated up overnight. That’s because two major proxy advisory firms counseled shareholders to support the entire or majority of Icahn’s dissident slate of directors for the embattled TV/film studio. A Lionsgate insider acknowledged to me … Read More »
Carl Icahn Starts Website ‘Save Lionsgate’ Or Should It Be Called ‘Slam Lionsgate’?
UPDATE: The destabilization of Lionsgate continues. Carl Icahn today took to the Internet and started a website slamming Lionsgate’s board in hopes of replacing 5 of the TV/film studio’s directors with his own rival slate. He … Read More »
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