Carl Icahn, the activist financier who often buys into big companies, then pushes them to make changes that he believes will boost their stock value, has more than doubled his stake in Canadian-based Lionsgate. In an SEC filing, Icahn said that he acquired 6.51 million shares in the studio for $86.3 million, boosting his stake in the company to 9.2 percent. He had previously held 4.29 million shares. Industry watchers immediately began speculating about what Icahn may be up to. He said on Monday that he had met with the company's CEO Jon Feltheimer, but he did not disclose what his conversation with Feltheimer concerned. In an interview with Bloomberg News, David Bank, an analyst at ABC Capital Markets in New York, said, "They're sitting on a pile of cash, and the stock has been pretty badly beaten up, so one has to wonder if [Icahn is] seeking some change in the Status Quo." But others suggested that Icahn may merely have been interested in buying a stake in the studio at a bargain price. A Lionsgate spokesan told Daily Variety , ""He has a superb track record in terms of recognizing when strong assets are undervalued."

21/10/2008