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Lions Gate, Icahn talks end on standstill disagreement, Icahn starts tender for convertibles
By Angela McDaniels
Tacoma, Wash., March 12 - Investor Carl Icahn terminated talks with Lions Gate Entertainment Corp. about adding his designees to the company's board of directors because an agreement could not be reached about some aspects of the standstill agreement that Lions Gate required as a condition to installing those board members, according to an Icahn statement included in a schedule 13D/A filed Thursday with the Securities and Exchange Commission.
Meanwhile Thursday Icahn announced he plans to hold a tender offer for Lions Gate Entertainment's $150 million 2.9375% convertible senior subordinated notes due 2024 and $175 million 3.625% convertible senior subordinated notes due 2025.
In addition, Icahn and his affiliates purchased 250,276 shares of the company's common stock between Feb. 25 and March 2 for $4.64 to $5.00 per share.
The latest purchases give the investors ownership of 16,791,125 shares, or 14.5%, of Lions Gate, which is an entertainment studio based in Santa Monica, Calif.
Lions Gate is a Santa Monica, Calif., entertainment studio.
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