Lionsgate Still Waiting To Price Icahn Shares

Has Lionsgate’s effort to sell 19.2M shares in the company owned by Carl Icahn been put “on hold,” as Reuters reported yesterday? The answer is: sort of, but not exactly. Yes, the company wanted to price the shares this week … Read More »

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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 »

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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 »

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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 »

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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 »

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Lionsgate Keeps Icahn Out Of Board Room; UPDATE: Carl Vows Fight To “Save Studio”

Mike Fleming

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

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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 »

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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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Carl Icahn Unveils His Lionsgate Board

UPDATE: Lionsgate has just issued a reaction (see below). It’s now officially a fight between white (LG’s) and gold (Icahn’s) proxy cards.

Carl Icahn today assembled his slate of 5 board members hoping to unseat Lionsgate’s current 5 board of directors – … Read More »

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Carl Icahn Extending Lionsgate Offer

His $7.50-per-share offer had been set to expire Monday but has been extended to December 2. Icahn is the biggest shareholder in Lionsgate, at 33%. The offer expires on the same day that MGM is supposed to receive confirmation of its bankruptcy plan – Icahn owns 18% of MGM’s debt. Icahn has repeatedly criticized Lionsgate for … Read More »

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Carl Icahn Makes Another Offer To Buy Up Even More MGM Debt

Carl Icahn has made another offer to MGM lenders in hopes of thwarting the prepackaged bankruptcy plan and Spyglass deal. He’s now offered to buy $1.6 billion in debt at a premium price of 53 cents on the dollar; last week, … Read More »

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Icahn Makes Offer To Buy More MGM Debt To Expedite Merger

Calling the proposed Spyglass plan a “presciption for disaster,” Carl Icahn on Thursday offered to buy another $963 million of MGM’s debt. He already owns around $500 million of it, so the sum would make him one of MGM’s largest … Read More »

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Lionsgate Pleads Case For Its MGM Merger

Mike Fleming

Lionsgate is making its argument for a merger with hobbled studio MGM, a move that is supported by Carl Icahn, who has been trying to take over  the mini-major while simultaneously buying up MGM debt. The timing is meant to … Read More »

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Lionsgate Spurns Latest Carl Icahn Offer

Mike Fleming

Lionsgate has recommended to shareholders that they spurn Carl Icahn’s latest offer to pay $7.50 for outstanding shares. The company just filed its Schedule 14D-9 Report. The report described a September 7 meeting of the board of directors, which unanimously rejected the offer and voted to recommend that shareholders do … Read More »

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Lionsgate Nixes Icahn’s $6.50 Share Offer

No surprise. Lionsgate announced today its Board of Directors who were present voted unanimously reject Carl Icahn’s $6.50 a share tender offer for all outstanding common stock in the film/TV studio.

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Canada Sides With Lionsgate Over Icahn

The British Columbia Securities Commission dismissed Carl Icahn’s request for that cease trade order against Lionsgate. (Icahn Files Lawsuit Against Lionsgate Board.) The film/TV studio fending off his hostile takeover said it was “pleased”.

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Icahn Files Lawsuit Against Lionsgate Board

Another nasty day in the Carl Icahn vs Lionsgate battle. This time, Icahn has made good on his threat to go to court to overturn the film/TV studio’s recent “scorched earth tactic” that diluted his stock holdings He’s referring … Read More »

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Lionsgate Suddenly Dilutes Icahn Holdings

Ceasefire Ends; Lionsgate Ponders Icahn’s $6.50 A Share Bid

So now Carl Icahn owns only 33.5% of the film and TV studio, and not the 37.9% he had as of yesterday. Nasty, nasty, nasty. Though it is interesting … Read More »

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IT’S WAR AGAIN: As 10-Day Ceasefire Ends, Lionsgate Ponders Icahn’s $6.50 Share Bid

Mike Fleming

UPDATED: What came out of the 10-day cease fire between Carl Icahn and Lionsgate management? An offer by Icahn to buy the company for $6.50 a share. Considering that Icahn acquired over 30% of the company by offering $7 per share — Lionsgate management called that sum inadequate … Read More »

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