Activist investor Carl Icahn agreed to dump his stake in Lions Gate Entertainment Corp (LGF.N) on Tuesday, giving up on a lengthy battle for control of the film studio and producer of television hit "Mad Men." Billionaire Icahn and his son, Brett, will sell up to 44 million shares of Lions Gate at $7 each, the Hollywood studio said in a statement. The price is about equal to Icahn's cost of acquiring the shares. Lions Gate shares fell 4.9 percent to $7.15 in after-hours trading, from an earlier close of $7.52 on the New York Stock Exchange. The billionaire investor, who waged a years-long public campaign against a studio he accused of mismanagement and over-spending, had tried to appoint his own people to the board and attempted a hostile takeover. Tuesday's announcement signaled a cessation of hostilities, including in court.
Lions Gate Entertainment Corp. (Lionsgate) is a global entertainment company with a diversified presence in motion picture production and distribution, television programming and syndication, home entertainment, family entertainment, digital distribution and new channel platforms. Shares of LGF fell by 0.4% or $-0.03/share to $7.52. In the past year, the shares have traded as low as $5.69 and as high as $7.84. On average, 512572 shares of LGF exchange hands on a given day and today's volume is recorded at 463027.
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