Carl Icahn owns nearly 32% of Lions Gate stock as tender closes
A person familiar with the situation confirmed that the activist investor’s $7 per share tender offer, which expired at 5 pm Pacific Time Wednesday, brought him 15.6 million shares, or about 13.2% of Lions Gate stock. 9.2 million came from media entrepreneur and Dallas Mavericks owner Mark Cuban, who said last week that he would tender.
Icahn already owned about 22 million Lions Gate shares, or 18.6% of the Santa Monica film and television studio's stock.
Beginning Thursday, there will be a 14 day period ending June 30 during which any other shareholders who want to sell to Icahn can do so. After that, he has said he will run a slate of candidates in an attempt to take over Lions Gate's board of directors.
Icahn is expected to formally announce the results of his tender on Thursday morning.
A Lions Gate spokesman declined to comment.
For more details on what the results of Icahn's tender could mean for Lions Gate, see our post from earlier today.