Billionaire investor Carl Icahn stepped up his effort to take control of the boutique movie studio Lions Gate Entertainment Corp. on Friday, saying he will put up his own slate of candidates to replace the company’s board.
Icahn, who has a roughly 19 percent stake in Lions Gate, has been tussling with management since last year.
In a lengthy open letter to the company’s board Friday, Icahn jabbed at Lions Gate’s directors for allowing its stock price to sink and for trying to block his efforts to buy up the company’s shares. He said he hopes a new board will move quickly to replace management.
Though it did not respond directly to the barbs in Icahn’s letter, Lions Gate issued a statement again urging shareholders to reject his “inadequate offer.”
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