Carl Icahn extended his tender offer for shares of Lionsgate for a fifth time.
However, the billionaire investor's latest stock grab comes with a new caveat. His $7.50 per share bid is contingent on the New York State Supreme court issuing a ruling that would limit an investing rival's ability to vote against Icahn's rebel slate of board members.
A vote on Icahn's nominees to join Lionsgate board is scheduled for the studio's Dec. 14 annual meeting.
To that end, Icahn is hoping the court with overturn a debt for equity swap that issued 16 million shares to stockholder Mark Rachesky, and reduced Icahn's stake in the company from 38 percent to 33.5 percent.
Icahn has been engaged in proxy fight for control of Lionsgate for much of the past year. Last Friday, the investor unveiled a slate of five candidates, including former Overture chief Chris McGurk, and stating that he wanted to replace Vice-Chairman Michael Burns.
The latest offer is set to expire on Dec. 10. The original deadline was Dec. 2.
