Commission ceases trade in Lions Gate poison pill

LOS ANGELES (BestGrowthStock) – The British Columbia Securities Commission on Monday said it granted an application by Carl Icahn to cease trade in a poison pill by Lions Gate Entertainment, which had precluded Icahn from buying more than 38 percent of the company’s shares in the open market.

Icahn, who launched a hostile bid for the company in March, currently has a 33.5 percent stake in Lions Gate. In separate litigation before the British Columbia Supreme Court, Icahn is seeking to overturn a deleveraging transaction by Lions Gate which effectively reduced his stake to 33.5 percent from 37.9 percent in July.

Under that transaction, Lions Gate converted about $100 million of senior subordinated notes into common shares at a conversion price of $6.20 a share.

A Lions Gate spokesman declined comment.

(Editing by Sofina Mirza-Reid)

Commission ceases trade in Lions Gate poison pill