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Lions Gate Reportedly Negotiating With Icahn

Settlement talks said to include offering him seat on board if Icahn drops takeover bid

Lions Gate reportedly is getting creative in its efforts to get activist investor Carl Icahn to end his attempt to take over the company.

Citing a person familiar with the situation, Dow Jones said the company has offered Icahn a seat on the Lions Gate board if he will drop his $7-per-share bid to buy all the shares he doesn’t own.

Icahn’s offer values Lions Gate at about $825 million. Lions Gate says that bid is too low and not in shareholders’ long-term interests.

Shareholders voted Wednesday in favor of Lions Gate’s "poison pill" plan, aimed at thwarting Icahn’s takeover bid.

Before the tender, Icahn held 18.9% of Lions Gate. As of Monday, 7.4 million shares, or about 6.3% of Lions Gate stock, had been tendered.

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