July 20, 2010 |
Peace didn't last long. Activist investor Carl Icahn has launched a new hostile takeover offer for film and television studio Lions Gate Entertainment at $6.50 per share, ending a 10-day dÃÂÃÂ©tente in which the two sides ceased hostilities to discuss merger and acquisition opportunities for the company. Icahn is already Santa Monica-based Lions Gate's largest stockholder, with 38% of the company, due to shares accumulated in a previous $7-per-share tender, which expired June 30. His new offer positions him to potentially seize control of the company, which has seen its stock price drop to close to $6 since Icahn's bid expired.
April 16, 2010 |
Carl Icahn has turned up the heat on Lions Gate Entertainment Corp. The aggressive investor sent a letter Thursday to shareholders of the Santa Monica-based studio informing them that he had increased his offer to $7 a share from the $6 he proposed last month. His new bid values the company at $825 million, up from $707 million. Icahn's move comes in the wake of efforts in the last few weeks by Lions Gate management, led by Chief Executive Jon Feltheimer and Vice Chairman Michael Burns, to rebuff the hostile bid. The executives have frequently claimed that it doesn't value their company adequately.
April 6, 2010 |
Lions Gate Entertainment carved out a niche in Hollywood as a maverick that went up against the big studios. Now its own independence is at stake. The Santa Monica motion picture and television company behind the acclaimed drama "Precious" and cable series "Mad Men" is battling a hostile takeover bid by one of Wall Street's most feared speculators -- Carl Icahn. An aggressive financial trader, Icahn is attempting to seize control of Lions Gate and possibly kick out its top managers, whom he accuses of following a flawed strategy and allowing the stock to languish.
March 19, 2010 |
One week after Lions Gate Entertainment rejected his holdings in the studio, investor Carl Icahn is launching a hostile takeover bid for the entire company. Icahn is offering $6 a share, which sent Lions Gate shares rising above the offer price in early morning trading. Icahn, who owns nearly 19% of Lions Gate, has been steadily increasing his stake in the studio and recently launched a tender offer to up his stake to nearly 30%. The investor has been angling for more control over Lions Gate, which operates out of Santa Monica under the leadership of chief executive Jon Feltheimer and vice chairman Michael Burns.
February 25, 2010 |
General Growth Properties, owner of the Glendale Galleria and other large Southland shopping centers, said Wednesday that it had reached an agreement with a Canadian investor that would enable the mall owner to leave Chapter 11 bankruptcy protection. Brookfield Asset Management Inc., which is part of a company that owns a handful of premier office buildings in Los Angeles County, would invest $2.5 billion in cash in General Growth stock in return for 30% ownership. The deal must be approved by a Bankruptcy Court judge, but if the agreement stands it could rescue Chicago-based General Growth from a hostile takeover attempt by archrival Simon Property Group, the country's largest mall operator.
January 18, 2010 |
It's not just chocolate but memories that are made in this genteel company town founded when Victoria reigned. Take the Cadbury Flake, which for many Brits conjures up childhood images of an afternoon at the seaside, with a flaky spear of chocolate stuck into a dripping vanilla cone. Or Cadbury Creme Eggs, so rich and gooey they make your teeth hurt, now as much an Easter tradition in Britain as bonnets, bunnies and ham. Or the Milk Tray assortment, which gray-haired pensioners who remember Cadbury's wartime "Ration Chocolate" buy for their grandkids.