Lions Gate eyes a merger with MGM

first_img Share Show Comments ▼ Tuesday 12 October 2010 9:14 pm AMERICAN film studio Lions Gate Entertainment proposed a merger with troubled rival Metro Goldwyn Mayer (MGM) yesterday, in a move to end months of tussling over the ownership of both firms.Lions Gate’s biggest shareholder, corporate activist Carl Icahn, gave the merger offer his blessing yesterday, saying in a statement that such a deal would “enhance value for all constituencies”.Icahn also holds $500m (£316.5m) of MGM’s debt, and has spent the last year bidding to take over Lions Gate. Terms of the offer have not been disclosed, but reports last night said MGM’s creditors would own 55 per cent of the combined company. Icahn said in a regulatory filing he preferred Lions Gate’s offer to an earlier deal offered by Spyglass Entertainment. MGM, home to the James Bond films and a new remake of The Hobbit, asked its creditors last week to accept a pre-packaged bankruptcy plan in which Spyglass would take 95 per cent of MGM’s shares in exchange for more than $4bn of its liabilities. Creditors have until 22 October to agree to this arrangement, the same days that Icahn’s latest bid to take over Lions Gate expires. Lions Gate said yesterday’s offer “follow[ed] detailed discussions” with Icahn, suggesting it has set aside its differences with Icahn in pursuit of MGM. whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Timescenter_img Lions Gate eyes a merger with MGM whatsapp Tags: NULL More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse KCS-content last_img

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