Lions Gate Entertainment Corp. made an eleventh-hour deal Monday with two bondholders that will keep about 28 percent of $316 million in convertible debt out of the hands of activist shareholder Carl Icahn.

The company timed the private transaction to the expiration of Icahn's offer to investors to pay a premium for tendering their bonds.

It could not be immediately determined how many bondholders took Icahn up on his bid. The billionaire investor, who has hinted that he may wage a proxy war for the Santa Monica movie and TV studio, could extend or pull his offer if he does not generate sufficient interest.

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