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Carl Icahn Snaps Up Lionsgate Shares 1 Month Before Annual Meeting

The dissident shareholder, who’s been battling the studio in court, now owns 33.1% of the company

Renegate investor Carl Icahn went on a Lionsgate stock buying spree after the company released its quarterly earnings report this week, increasing his ownership stake one-half of a percent to 33.1 percent.

Buy up comes a month before the studio's annual meeting Sept. 13 in Toronto. 

According to SEC filings, Icahn bought a total of 702,877 shares on Wednesday, Thursday and Friday, paying $6.74 per share on Wednesday and $6.90 on Friday. The company's  stock closed at $7.00 per share Friday.

Also read: Tyler Perry, TV Power Lionsgate Q1 Fiscal Net Profit of $12.2M

Though Icahn only increased his position a modest .5 percent to a 33.1 percent stake this week, it could signal that he continues to have designs on the Vancouver-based studio. Lionsgate declined to comment. Icahn could not be reached.

Icahn has engaged in a very public, albeit ultimately futile, takeover attempt of the company. But after his five nominees for the company's board of directors were defeated in December, tensions between studio executives and the billionaire appeared to ease.

Also read: Foiled Again! Icahn Loses Latest Bid to Overturn Lionsgate Stock Swap

Icahn also lost court battles in New York and Canada to overturn a controversial debt-for-equity swap that reduced his stake in Lionsgate from 38 percent to less than 33 percent while strengthening the ownership position of rival Mark Rachesky. 

This week's purchases could signal Icahn's intent to make another run for the company. 

Lionsgate has renominated all 12 of its current directors. So far, Icahn has not nominated his own shareholder slate — but he has time.