A bid by billionaire Carl Icahn to postpone Lions Gate Entertainment Corp.’s Dec. 14 shareholder meeting was rejected by a Canadian regulatory panel.
The British Columbia Securities Commission refused the motion yesterday, according a letter from the panel filed in a New York court Tuesday by lawyers for Vancouver-based Lions Gate, which has most of its operations in Santa Monica.
Icahn, the company’s largest shareholder with a 33 percent stake, is making a hostile $7.50-a-share offer for Lions Gate, the maker of the “Saw” horror films and Tyler Perry comedies.
Postponement of the meeting would allow more time for a New York judge to rule on Icahn’s motion to reverse an equity-for-debt swap that effectively diluted his voting power. In a court filing, Icahn said his nominees have agreed to resign if it becomes clear that they won only because of the preliminary injunction and the order later is reversed by the court.
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• CLICK HERE to read a related Forbes story.
