Canadian Regulators Crush Lions Gate Poison Pill

Law360, New York (April 28, 2010, 3:53 PM EDT) -- Canadian securities regulators have invalidated a poison pill Lions Gate Entertainment Corp. put forward to block investor Carl C. Icahn's $7-per-share hostile takeover bid.

A three-member panel of the British Columbia Securities Commission on Tuesday issued a cease-trading order on any securities issued in connection with a Lions Gate shareholder rights plan that the company put forward.

The commission did not lay out its reasoning for the decision, saying only that its “reasons will follow,” according to an order signed by BCSC Vice Chair Brent W....
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