Lionsgate’s board of directors decided to stay neutral about Carl Icahn’s tender offer for the company’s debt, although a statement “strongly urged” debt holders to weigh factors before selling to the billionaire, Daily Variety reports. The board said that risks include the possibility that a sale might double Icahn’s equity stake to roughly 29% and some notes could be valued higher in 2011 and 2012 compared with Icahn’s offer, the trade paper says.
—Aimee Picchi