SANTA MONICA, Calif. — Lions Gate Entertainment Inc. rejected on Tuesday the latest bid by activist investor Carl Icahn for control of the film studio, calling the offer too low. Lions Gate also said the unsolicited offer wouldn’t hamper its acquisition strategy.
The company said its board voted unanimously against Icahn’s offer to buy all of its outstanding shares for $6 each, which would value the deal at about $575 million.
Lions Gate had already rebuffed an offer of $6 per share by Icahn last month that would have raised his stake in the company to 30 percent from 19 percent.
The company also rewrote its bylaws to make such a takeover attempt more difficult in the future, a move Icahn has said he will challenge in court.
Lions Gate said Icahn’s offer is little changed except that he wants the whole company now.
Vice Chairman Michael Burns said in an interview that Icahn is “trying to get complete control of Lions Gate without paying a premium.”
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