Lions Gate said it asked a British Columbia appeals court for permission to appeal a British Columbia Securities Commission decision Tuesday that voided the company's 'poison pill' put in place to thwart a $7-a-share hostile takeover offer from billionaire investor Carl Icahn.
The BCSC's 'cease trade order' gives Lions Gate shareholders the right to decide whether they wish to participate in Icahn's tender offer. Lions Gate had scheduled its meeting for May 4.
The poison pill defense was implemented by Lions Gate's board, without approval by shareholders, as a move against Icahn's bid, which expires on April 30, according to analysts.
Icahn owns almost 19 percent of Lions Gate, the maker of the 'Saw' and 'Tyler Perry' movies.
(Reporting by Joseph A. Giannone; Editing by Bernard Orr) (joseph.giannone@thomsonreuters.com; +1 646 223 6184; Reuters Messaging: joseph.giannone.reuters.com@reuters.net ) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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