Lions Gate Loses Appeal on Icahn Poison Pill

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Lions Gate Entertainment Corp. on Friday lost an appeal to restore a shareholder rights plan that would have prevented a takeover bid from billionaire investor Carl Icahn.

The British Columbia Court of Appeal dismissed the case. It has jurisdiction over Lions Gate, the distributor of superhero movie “Kick-Ass,” because it is based in Vancouver although it operates out of Santa Monica.

The decision will allow shareholders to sell their shares to Icahn, who has offered $7 apiece. Last week, Icahn extended his offer until May 10. Lions Gate has called the offer too low and has urged shareholders not to sell.

&#8226 Read the full Associated Press story.

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