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.
• Read the full Associated Press story.
