By Nigel M Smith | iW NOW March 12, 2010 at 3:35AM
It was announced today that Lionsgate's Board of Directors rejected an unsolicited partial tender offer from the Icahn Group. The Group's offer was to purchase up to 13,164,420 common share of Lionsgate for $6.00 per share. The Board deemed this financially inadequate.
“Lionsgate is a strong and diversified Company with a focused strategy that we expect to generate far greater value for shareholders," said Lionsgate Co-Chairman and Chief Executive Officer Jon Feltheimer in a press release. "The Board and the Company’s management is committed to continuing to take all appropriate and necessary actions to build value for Lionsgate’s shareholders. We are confident we can better serve our shareholders by continuing to execute our strategic business plan, and the acquisition of effective control by the Icahn Group would significantly jeopardize that plan.”
According to Lionsgate, the Icahn Group lacks industry experience and is not able to operate a business in Lionsgate's industry. Lionsgate deemed their bid "inherently coercive to other shareholders."