It's that time again!
Carl Icahn announced that he has extended his $7.50 tender offer for Lionsgate shares until Dec. 2. The move means that the billionaire investor will push his hostile takeover bid forward for two additional weeks; his original offer was set to expire on Monday. This marks the fourth such extension.
With a 33.5 percent stake, Icahn is the largest shareholder in the Vancouver-based studio. He has been engaged in a proxy war and several accompanying legal skirmished with Lionsgate for the last year.
Icahn is also seeking to reverse a court ruling over a move that diluted his holdings from 38% to 33.5%.
If he takes control of the company, the billionaire investor has pledged to clean house and install his own loyalists at the top.
The announcement came after TheWrap learned Monday that Icahn may tap former Overture chief Chris McGurk to join his activist slate of board candidates. A vote on directors will take place at Lionsgate's annual meeting on Dec. 14.