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Edition: U.S. Article Save Email Print Reprints Most Popular Most Shared Att'y general failed to give legal briefs to Senate 12 Mar 2010 U.S. setting bad example on protectionism - Sarkozy 12 Mar 2010 UPDATE 1-US court rules again against vaccine-autism claims 12 Mar 2010 U.S. FCC releases Internet speed test tool 11 Mar 2010 Second U.S. woman probed in plot to kill Swede: report 12 Mar 2010 UPDATE 1-US court rules again against vaccine-autism claims 12 Mar 2010 Att'y general failed to give legal briefs to Senate 12 Mar 2010 Nurses' union: Care does not include sex 11 Mar 2010 Could Lehman be Ernst & Young's Enron? 12 Mar 2010 U.S. FCC releases Internet speed test tool 11 Mar 2010 Lions Gate rejects Icahn offer to boost stake Alex Dobuzinskis and Franklin Paul LOS ANGELES/NEW YORK Fri Mar 12, 2010 5:12pm EST Related News Lions Gate rejects Icahn offer to boost stake Fri, Mar 12 2010 LOS ANGELES/NEW YORK (Reuters) - Lions Gate Entertainment Corp rejected on Friday Carl Icahn's bid to increase his stake in the studio as too low, setting the stage for a battle with the billionaire investor. Entertainment Analysts say Icahn wants to block the independent studio behind the "Saw" horror movies and the television series "Mad Men" from bidding for rival studios Metro-Goldwyn-Mayer or Walt Disney Co's Miramax, as is widely expected. Icahn, who owns 18.9 percent of Lions Gate, last month offered to buy another 13.2 million shares at $6 a share, roughly the stock's current value. Such a deal -- conditional on the studio not making large transactions outside of normal business -- would lift his stake to 29.9 percent and make him the largest single shareholder. The activist investor -- who owns interests in a swathe of U.S. companies like American Railcar Industries Inc and is known for his past moves to influence the direction of companies such as Time Warner Inc -- has said he is not seeking to take control of Lions Gate. He told cable television network CNBC that he wanted a greater say about any deal that might emerge in the future. Lions Gate is widely expected to put in bids for struggling movie house MGM or Miramax -- a move that analysts say would irk Icahn, who has publicly protested Lions Gate's $255 million purchase of TV Guide, saying it was too costly. Michael Burns, vice chairman of Lions Gate, would not comment on such speculation but said in an interview that his company has a "very successful track record" on purchases. "We have never been accused of paying retail for anything," he said, referring to criticism about overpaying. Analysts say the dispute between Icahn and Lions Gate will come to a head, with MGM expected to receive binding offers by March 19. Sources also say a number of companies, including Weinstein Co, are pursuing Miramax, which could trigger a bidding battle and drive up its price. "This thing has a real hot, short-running fuse attached to it," said Wunderlich Securities Inc analyst Matthew Harrigan. RIGHTS PLAN Analysts say media companies from Time Warner to Liberty Media Corp are considering buying rivals that have been hit in past years by dwindling DVD sales and theater attendance as numbers of movie watchers migrate gradually to a cheaper, on-demand Internet. Lions Gate has never publicly expressed interest in acquisitions, though its expansion ambitions are widely known, and analysts see Icahn's offer as a preemptive move. Lions Gate has now proposed that its shareholders adopt a defensive rights plan to help ward off similar attempts to accumulate shares "that would result in coercive or unfair attempts to take over Lionsgate without affording all shareholders the opportunity to sell all of their shares for fair value." It will hold a shareholder meeting on May 4 to address the implementation of the rights plan. Shares in Lions Gate rose 1.4 percent to $5.75 on Friday afternoon on the New York Stock Exchange. As of Thursday's close, the stock was up about 13.7 percent in the past month. Icahn did not return calls for comment. David Joyce, analyst with Miller Tabak + Co LLC, said he has set a short-term target price of $8 for Lions Gate stock and a long-term target of $12, and added that the company's assets still carry good value. With Lions Gate rejecting Icahn's offer, Joyce said Icahn could simply let the matter rest. "It could very well be that nothing else happens, but he's getting his point across," Joyce said. Lions Gate said on Friday that Icahn's offer was too low and not in the best interests of shareholders. "We thought that he was trying to acquire control of us without paying a control premium," Burns said. Burns also said that in the wake of Icahn's offer, Lions Gate will "continue to do exactly what we're doing, which is build a strong company with critical mass in the feature film business, the television business and our library." (Editing by Edwin Chan and Gerald E. 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Commentary Accounting gimmicks in demise Graphic: A look at "Repo 105" Buffett kept distance from Lehman Regulatory News © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts.com Buyouts Europe: Buyouts Conferences: Venture Capital Journal EVCJ International Financing Review International Securitisation Report Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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