Carl C. Icahn has announced that the purchase price in connection with his existing hostile offer to buy all of the outstanding common shares of Lions Gate Entertainment Corp. is being increased from $6.00 to $7.00 per share.
In addition, he has issued a letter to shareholders criticising the board for its actions to date in defending against the bid. He says “We do not feel comfortable that existing management is the right team to guide Lions Gate through this difficult period”: and says that their “profligate spending has taken its toll on Lions Gate’s share price”. He also defends his own investment track record saying “in light of Lions Gate’s selective attempt to distort facts in an effort to discredit me, I thought it important to provide a few facts of my own”.
Mr Icahn has built a stake of 20 per cent in Lions Gate Entertainment Corp. The company has a major presence in the production and distribution of motion pictures (“My Bloody Valentine”, “Saw V”, “Rambo” and “The Bank Job”), television programming (“Mad Men”, “Weeds” and “Crash”), home entertainment, family entertainment, video-on-demand and digitally delivered content. Lionsgate own a library of approximately 12,000 motion picture titles and television episodes.
Lionsgate Management Team
- Jon Feltheimer, Co-Chairman and Chief Executive Officer
- Michael Burns, Vice Chairman
- Steve Beeks, President and Co-Chief Operating Officer
- Joe Drake, President, Motion Picture Group and Co-Chief Operating Officer
- Jim Keegan, Chief Financial Officer
- Wayne Levin, General Counsel and Executive Vice President of Corporate Operations
Carl C. Icahn
- Chairman of the Board, Icahn Enterprises, LP.
- Chairman of the Board, American Railcar Industries, Inc.
- Director, Cadus Corporation