Canadian regulators have kyboshed Lions Gate’s second try at a “poison pill” provision that would block Carl Icahn from gathering up enough stock for a takeover.
The British Columbia Securities Commission issued the ruling late Monday.
Lions Gate was trying to prevent any one shareholder from accumulating more than a certain amount of stock. Icahn has been actively attempting to take over the Vancouver-based studio with multiple tender offers that the company’s board has vigorously resisted.
Those efforts included a previous poison-pill provision that Canadian regulators rejected this spring. That effort would have capped stock ownership at 20 percent.
Icahn’s latest tender, which expires this week, offers $7.50 per share of stock that opened Tuesday at $7.48.
