Lionsgate Shareholders Reject Icahn's 'Coercive' Offer

Law360, New York (May 10, 2010, 6:25 PM EDT) -- Shareholders of Hollywood studio Lions Gate Entertainment Corp. have rejected an offer to take over the company by shareholder and financier Carl Icahn, who nevertheless extended his offer until May 21.

Lionsgate, producer of the TV series “Mad Men” and the movie “Precious,” said in a statement Monday that Icahn's offer failed to receive the minimum number of shares for the takeover bid to succeed, with shareholders tendering less than 6.5 percent of outstanding shares.

Icahn owns 18.8 percent of the studio's stock and is seeking...
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