Carl Icahn on Wednesday said he received approval from Canadian regulators in connection with his unfriendly takeover battle for Lions Gate Entertainment Inc.
The activist investor said in a press release that the Minister of Canadian Heritage has approved his offer to buy the boutique film company, which is based in Vancouver, B.C., but has most of its operations in Santa Monica. The Icahn Group committed to preserving the Canadian control and keeping Lions Gate in Canada while maintaining or increasing the level of film production in Canada.
Last week, Icahn extended his $7-a-share bid for the sixth time until June 16, removed its minimum support level and indicated he was prepared to wage a proxy fight for control of the company. He said Wednesday that there would be no further extensions but there would be a period from June 17 to June 30 to permit additional tenders.
Since the Icahn Group announced its original offer on March 1, less than 4 percent of Lions Gate's outstanding shares have been tendered.
Lions Gate made no comment on Icahn’s latest move, but reiterated that shareholders should not tender their shares to Icahn's offer.
Shares were up 6 cents, or less than a percent, to $7.06 in midday trading on the New York Stock Exchange.
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