Update, 2:40 p.m PT Tuesday:
Lionsgate announced the completion of a debt swap that decreased Carl Icahn's stake in the company from nearly 38 percent to about 33.5 percent.
Lionsgate said it converted about $100 million of its senior subordinated notes into common shares at an effective price of $6.20 per share. That price represented a 2.8% premium to Monday's closing price of Lionsgate's common stock.
Shares jumped 50 cents, or 8.3 per cent, to close at $6.53 on Tuesday.
The deleveraging transaction resulted in the issuance of 16.2 million new shares, lifting Lionsgate's outstanding share count to about 135 million.
Update, 8 a.m PT Tuesday:
Carl Icahn has sent an unsolicited tender offer to Lionsgate to acquire up to all of the common shares of the company for $6.50 per share in cash, the company announced Tuesday morning.
The offer is scheduled to expire at 5 p.m. PT on Aug. 25, unless extended or withdrawn.
Lionsgate’s board of directors will review the proposal and make its recommendation to shareholders "promptly," the company said in a statement.
Previously:
The 9 p.m. EDT deadline came and went with no word from either side.
There had been a "truce" declared between Carl Icahn and the target of his latest takeover attempt, Lionsgate.
That truce expired at 9 p.m. Eastern with no public word from either side about the next step.
Lionsgate has continuously urged its shareholders not to tender their shares to Icahn's hostile takeover offer, but Icahn's efforts have netted him 38 percent of the company's shares.
Icahn has threatened to oust the current executives, force the company into bankruptcy and other dire consequences. He has given no hint of his next step.
