Preparations for a pitched battle between corporate raider Carl Icahn and Lions Gate Entertainment appeared to be in full swing Tuesday as Icahn revealed further details of the offer he made last week to buy $325 million in company debt. Although the offer averaged about 75 percent of face value, it represented somewhat more than what similar deals are now fetching on the market. If bondholders agree to his offer, Icahn could then convert the debt to equity in the company, thereby lifting his stake to 20 percent. For its part, Lions Gate is reportedly hiring some top advisers and attorneys to defend itself against Icahn.

18/03/2009