Mark Cuban Buys Into Lionsgate; Ichan Ups His Hostile Bid

Apr 16, 2010  •  Post A Comment

Mark Cuban, owner of HD Net and the Dallas Mavericks of the NBA, now owns 5.4% of Lionsgate, Reuters reports.

The article also says that Carl Icahn has upped his hostile bid for Lionsgate by 17%–to $7 a share from $6 a share–for the 81% of the company that he does not own.

The new bid values Lionsgate at $825 million, the article says, adding, "Analysts put the entire value of Lions Gate, including debt and equity, at about $1.3 billion."

Regarding the Cuban revelation, which was in an SEC filing, Reuters says, "It was unclear what Cuban’s motivation in taking a stake in Lions Gate was, but Icahn back in 2008 enlisted the tech mogul, owner of the Dallas Mavericks, and chairman of HDNet, to a proxy slate to run against Yahoo Inc’s then current board to pave the way for a Microsoft-Yahoo merger. The long-running battle with Yahoo ended in July 2008 when Icahn was given a seat on the board, but he never succeeded in getting the company sold to Microsoft. Icahn was unavailable and Cuban declined comment."

One Comment

  1. Yahoo shareholders are still trying to find the money they lost.

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