The so-called ten-day truce between Lions Gate Entertainment and activist investor Carl Icahn expired Monday night, and Icahn wasted no time renewing the battle. Early today he announced that he is ready to add to his 37.9 percent stake in the company. Shares in the company had fallen 16 percent since July 1 to $6.03, following the expiration of Icahn's offer to buy additional shares at $7.00 per share and word that the company is pursuing a deal to acquire MGM. Investors have traditionally shown their disapproval of companies that pursue such mergers. Icahn is now offering to buy Lions Gate shares at $6.50 per share in an effort to push his stake in the company past 50 percent, thereby gaining absolute control of it. His latest offer sent shares of Lions Gate jumping. By mid-morning that were trading at $6.48 per share. Icahn also said that he will renew his proxy battle with the company and nominate his own slate of directors.
Ahead of their upcoming tour, and prior to the release of their long awaited album, Smoke Fairies played a great warm-up gig at Elsewhere in Margate.