June 17, 2010 |
In a bare-knuckles maneuver that's audacious even by Hollywood standards, corporate raider Carl Icahn is moving closer to seizing more control of Lions Gate Entertainment Corp. The stage is now set for the activist investor to launch his proxy war to win control of Lions Gate's board. By Wednesday evening, Icahn was on the verge of becoming the largest shareholder in the Santa Monica film and TV studio. Shortly before the 5 p.m. Pacific time expiration of his $7-a-share tender offer, Icahn had received 12.5% of Lions Gate's outstanding shares, which would give him at least a 31% stake, according to two people familiar with the matter.
May 21, 2010 |
With once-promising talks at a standstill, Carl Icahn on Friday again extended his $7-per-share tender offer to take control of Lions Gate Entertainment Corp. In a sign that the parties are still very much at odds, activist investor Icahn took another public swipe at Lions Gate's board, calling its recent decision to put aside $16 million for potential golden parachutes for top executives "reprehensible." "This latest action, together with the board's failed and misguided attempts to implement a poison pill and its reckless retention … of no less than six professional advisory firms … to defend against our offer, shows just how far removed this board has become from its mission of holding management accountable and safeguarding the interests of shareholders," Icahn said in a statement.
January 27, 2010 |
One day after the merger of concert industry giants Ticketmaster Entertainment and Live Nation gained regulatory approval, cable mogul John Malone moved to vastly increase his stake in the newly formed colossus. Malone's Liberty Media Corp. made a tender offer Tuesday to acquire 34.5 million shares of Live Nation Entertainment for $12 each. If fully subscribed, Liberty's stake in the company would more than double to 35%. The move strengthens the alignment of Malone and Live Nation Entertainment Chairman Barry Diller, who two years ago battled over plans to split Internet conglomerate IAC/InterActiveCorp into five companies.
May 28, 2009 |
General Motors Corp.'s last-ditch, Hail Mary bid to avoid bankruptcy fell with a thud Wednesday as its bondholders overwhelmingly rejected a deal to swap their debt for equity in the company. That offer was a central element in the automaker's efforts -- guided by the federal government -- to restructure outside of court. Without it the company appears almost certain to file a Chapter 11 petition by Monday.
March 27, 2009 |
Lions Gate Entertainment Corp. officially said Thursday that it was remaining "neutral" on whether investors should tender their bonds to activist shareholder Carl Icahn. At the same time, the company is sending a strong message to debt holders: Seller beware. In a two-page statement, the film and TV studio marshaled five arguments that it "strongly urged" note holders to consider before tendering their bonds.
March 7, 2009 |
Swiss drug developer Roche Holding on Friday boosted its hostile tender offer for biotechnology pioneer Genentech Inc. to $93 a share, or $45.7 billion in total, after its initial bid failed to pick up much support from shareholders. For weeks, Genentech's board had been calling Roche's $86.50 bid too low, with much of Wall Street saying shareholders probably wouldn't bite at the offer.