Billionaire investor Carl Icahn and the Lions Gate Entertainment Corp. film studio have agreed to temporarily halt their fighting and work together on acquisitions.
The agreement, announced Friday in regulatory filings after the market closed, isn’t a permanent fix for the acrimony between Icahn and Lions Gate. The agreement lasts only 10 days – until July 19 – but could be extended.
Any deals involving the issuance of lots of shares would dilute Icahn’s stake in Lions Gate and reduce his leverage. Icahn has been trying to take over Lions Gate and force changes to the company’s spending and its acquisitions strategy that he says will benefit shareholders.
• Read the full Associated Press story.
