Lions Gate to Nominate Rachesky to Board

0

Lions Gate Entertainment Corp. said on Thursday it would name Mark Rachesky, its largest shareholder and a supporter of management, to its slate of board nominees as it faces continued pressure from billionaire investor Carl Icahn.

Rachesky, who formerly worked with Icahn, is co-founder and president of MHR Fund Management LLC, which holds about 19.8 percent of Lions Gate’s common stock. Lions Gate said it would announce the remainder of its board slate in the near future.

Analysts have said naming Rachesky to the board would be a good defensive measure against Icahn, who holds a 16.9 percent stake in Lions Gate. Icahn has criticized Lions Gate for overspending and may wage a proxy battle.


& #8226;

Read the full

Reuters

story.

No posts to display