Breaking: Carl Icahn Announces a Tender Offer for a Chunk of Lions Gate

From Reuters

224 RAS 13:29 ICAHN SAYS PURCHASE PRICE IN THE OFFER WILL BE $6.00 PER SHARE IN…
  223 RAS 13:28 ICAHN – INTEND TO INITIATE A TENDER OFFER FOR UP TO 13,164,420 COMMON…
  222 RIS 13:28 ICAHN ANNOUNCES TENDER OFFER FOR COMMON SHARES OF LIONS GATE…
  227 RAS 13:31 ICAHN – IF EVENT OF DEFAULT OR ACCELERATION OCCURS, IT WILL NOT BE…
  226 RAS 13:30 ICAHN SAYS OFFER WILL NOT BE SUBJECT TO FINANCING =A5
  225 RAS 13:29 ICAHN – OFFER CONDITIONED ON LIONS GATE NOT ENTERING INTO ANY MATERIAL…

We will definitely be talking about this on Stock Wars tomorrow night.  I’ll update this as more info is provided, this hit the wires just now and $LGF is currently trading up 7.5% or so…

UPDATED 3:30pm: This is from the Canadian News Wire:

Press Release Source: Lions Gate Entertainment Corp. On Tuesday February 16, 2010, 3:22 pm

NEW YORK, Feb. 16 /CNW/ – Carl C. Icahn announced today that certain of his affiliated entities (the “Icahn Group”), which collectively hold approximately 18.9% of Lions Gate Entertainment Corp.’s outstanding common shares, intend to initiate a tender offer (the “Offer”) for up to 13,164,420 common shares of Lions Gate which, together with the common shares they already own, would constitute approximately 29.9% of the outstanding common shares of Lions Gate. The purchase price in the Offer will be USD $6.00 per share in cash. Shareholders will be entitled to elect to receive payment in Canadian dollars.

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