In a complex stock maneuver, Mark Rachesky boosts his stake in the company to nearly 29 percent
Lionsgate is maneuvering every way it can to fend off Carl Icahn's takeover attempt.
According to the Los Angeles Times, the company issued 16.2 million new shares of stock, as part of a debt-to-equity transaction, to Mark Rachesky, its second-biggest shareholder.
Rachesky owned nearly 20 percent of Lionsgate stock before the move; he now holds nearly 29 percent, the Times says. The move also diluted the holdings of other shareholders, including Icahn.
Rachesky, who is on Lionsgate's board of directors, has supported current management in its battle against Icahn.