The corporate raider’s proposed take-over suffered a severe setback as shareholders voted in 12 of the company’s director nominees on to the board.
The annual shareholder meeting in Los Angeles [14] delivered a resounding rejection of Icahn’s nominees and returned 11 Lionsgate incumbents to the board as well as the company’s new nominee, Frank Giustra.
IVS Associates Inc, the independent inspector of elections, indicated that it expected to issue certified results shortly, following the customary review and challenge period.
Lionsgate issued a tub-thumping statement that read: “Today’s outcome reaffirms that Lionsgate shareholders continue to have confidence in the board’s and management team’s strategy to enhance value for all Lionsgate shareholders.”
Yesterday Icahn withdrew his latest tender offer for Lionsgate stock after the New York State Supreme Court denied him an injunction to prevent Mark Rachesky from voting his shares.
Racheksy owns roughly 29% of the company after Lionsgate issued a debt-for-equity transaction last summer that diluted Icahn’s control from 38% to just under 33%.
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