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Icahn Ups Lions Gate Bid

Hostile Takeover Offer Price Rises 15% To $7.50 Per Share

by MCN Staff -- Multichannel News, 8/31/2010 1:44:24 PM

Carl Icahn increased his hostile takeover bid for Lions Gate Entertainment by 15% on Tuesday, to $7.50 per share, an offer the studio owner said its board of directors would review.

Lions Gate -- which owns TV Guide Channel and produces TV shows such as Mad Men and Nurse Jackie and movies including The Expendables -- said its board would promptly make a recommendation to shareholders on the unsolicited tender offer.

Earlier, the Lions Gate board recommended that shareholders reject a $6-per-share offer from Icahn, and he increased the offer to $7 before trying another bid at $6.50 per share.

Shares in Lions Gate (ticker: LGF) ticked up 79 cents each (12%), to $7.28, at 1:45 p.m.

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