Now that a Canadian court has for the second time struck down a poison pill defense by the board of directors at Lionsgate Entertainment, the company’s biggest shareholder, Carl Icahn, is pressing his effort to take control of the TV/movie production/distribution company.
Icahn announced Friday that his offer to purchase any and all shares of Lionsgate for $7.50 each has been extended to one minute before midnight, Vancouver time, on November 1st.
Lionsgate’s board has already advised shareholders to reject the Icahn offer. Even so, the board and Icahn have aligned in support of an effort to merge Lionsgate with MGM, which is in Chapter 11 bankruptcy reorganization. Icahn is also a big holder of MGM debt and has bid to buy even more, which would make him a very large shareholder if the merger comes to be.