Canada OKs Icahn's Lionsgate Takeover Plans

Law360, New York (June 9, 2010, 5:54 PM EDT) -- Canadian authorities have approved the proposed takeover of Vancouver-based Lions Gate Entertainment Corp. by investor Carl Icahn, though the company still maintains that the deal is a bad one for its shareholders.

Canada approved the deal after Icahn made several commitments to the Canadian government, including one to keep jobs and film production in Canada, Canadian Heritage Minister James Moore said Wednesday.

Icahn's offer — $7 per outstanding share — still undervalues Lionsgate stock, the company said in response to the announcement.

As of June 3,...
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