Carl Icahn has extended the deadline for his tender offer to Lionsgate shareholders until October 22.
The offer of $6.50 per share was originally scheduled to expire on August 25, however it now appears Icahn would prefer to wait until the British Columbia Supreme Court rules on his lawsuit against Lionsgate’s recent $100m debt-to-equity swap.
That transaction resulted in an increased stake for the studio’s second largest shareholder Mark Rachesky and reduced Icahn’s ownership position from 37.9% to 33.5%
The corporate raider is also trying to block the transaction through a New York court, which will decide the case after its Canadian counterpart.
Lionsgate’s annual general meeting has not been set but now looks most likely to occur in November or December.