Posted Apr 23, 2010, 10:10 PM
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Join Date: Nov 2005
Location: Toroncouver
Posts: 13,044
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Quote:
Lions Gate amends poison pill to account for Icahn stock following opposition
By The Associated Press
LOS ANGELES - Lions Gate Entertainment is amending the conditions necessary to approve a shareholder rights plan that would help it thwart a hostile takeover.
Under its new rules, the movie studio will count the votes held by activist investor Carl Icahn.
Icahn has offered to buy shares he doesn't own for US$7 per share, but the company said the offer is too low.
Lions Gate shares closed up 29 cents, or 4.2 per cent, at $7.18 on Friday, suggesting investors believe a higher bid will emerge. Shareholders will vote on the plan May 4.
The company previously said it would exclude Icahn's votes, which account for about 19 per cent of all shares.
The company made the change after prominent proxy advisory firm RiskMetrics Group recommended shareholders vote against it.
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http://www.canadianbusiness.com/mark...ent=b232992224
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