Icahn Wins 37.9% Stake in Gate Entertainment

Carl Icahn, a top-notch investor, proclaimed on Friday that he has won a 37.9% stake in Lions Gate Entertainment Corp., thus marking a tremendous change in the Company.

Owning the increased stake, Icahn has nearly made it impossible for other investors to seek any stockholding in the company.

He said that his initial offerings saw him extending $7 per share tender payments to Gate, which had indicated an ownership of at least 34% stake in the Company.

He further told that he has managed to avail a 37.9% ownership now after purchasing stocks at the New York stock exchange.

“I believe that the more shares they own, the more influence they will have to change the make-up of Lions Gate's board of directors”, he added.

He has long been condemning Gate for keeping its costs too low, saying that it has failed in reaching the level it deserved.

However, the board of Lions Gate always responds to the investor’s criticism in an offended manner. On Thursday, one of the officials said that the company will soon define shareholder rights in order to check any such practices in future.

The standards called “poison pill” are being framed by the company.