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Icahn planning tender offer for Lions Gate's convertibles
By Angela McDaniels
Tacoma, Wash., March 12 - Lions Gate Entertainment Corp. investor Carl Icahn plans to hold a tender offer for Lions Gate Entertainment Inc.'s $150 million 2.9375% convertible senior subordinated notes due 2024 and $175 million 3.625% convertible senior subordinated notes due 2025, according to a news release from the investor.
Icahn had been in discussions with the company about adding some designees to the board of directors. In a statement included in a schedule 13D/A filing with the Securities and Exchange Commission, Icahn said these discussions were recently terminated because agreement could not be reached about some aspects of the standstill agreement that Lions Gate required as a condition to installing those board members.
The investor and his affiliates own 14.5% of the company's common stock.
Lions Gate is a Santa Monica, Calif., entertainment studio.
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