Carl Icahn on Friday extended his tender offer for Lions Gate Entertainment Corp, as the billionaire investor continues to woo investors by attempting to assist the Santa Monica studio in acquiring the troubled Metro-Goldwyn-Mayer Studios Inc.
Icahn’s latest $7.50-per-share offer was set to expire today but now is extended until Nov. 1. He has a roughly 30 percent stake in the company, which has corporate headquarters in Vancouver, British Columbia.
Icahn has attempted to gain control of Lions Gate for more than a year, but the studio’s leadership has fought his efforts. He opposed an earlier effort by Lions Gate to merge with MGM but supports a more recent bid. He has accumulated significant MGM debt and urged the Century City studio’s lenders not to vote for MGM's current proposal to be acquired by production company Spyglass Entertainment Group Inc.
He has said he is willing to spend up to nearly $400 million to buy more MGM debt to increase in influence over the deal.
Lions Gate shares were down 4 cents, or less than 1 percent, to $7.37 in midday trading on the New York Stock Exchange.
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