SANTA MONICA, Calif. (AP) -- Lions Gate Entertainment Corp. on Friday deserted an suggest from romantic shareholder Carl Icahn to progress his interest in the movie college of music by shopping up to 13.2 million shares.
The company"s house called Icahn"s unsolicited suggest of $6 per share — or up to $79 million — "inadequate."
The billionaire was seeking to lift his interest in Lions Gate Entertainment Corp. to as most as thirty percent. He now binds a interest of scarcely nineteen percent.
The move comes as Lions Gate is deliberation behest for the unsatisfactory Metro-Goldwyn-Mayer Inc. college of music and the Walt Disney Co."s Miramax Films division.
Icahn has been augmenting his Lions Gate land given 2008 as he has fought for carry out with his former arch investment confidant Mark Rachesky, who owns a scarcely twenty percent stake.
A deputy for Icahn was not rught away accessible for criticism Friday morning.
The company, that is formed in Canada but operates out of Santa Monica, Calif., was at the back of the Oscar-nominated movie "Precious: Based on the Novel "Push" By Sapphire." It additionally owns the TV Guide network.
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