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.