Apr 21st, 2009 - Los Angeles Times
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After getting a frosty response from bondholders for his bid to buy up Lions Gate's convertible debt, activist shareholder Carl Icahn has extended his tender offer to May 1.
Icahn's offer, which expired Monday afternoon, attracted only $8.9 million worth of bonds, or about 2.8% of $316 million in total outstanding debt. The billionaire investor, who owns 14.5% of Lions Gate common stock and has been critical of the management of the Santa Monica movie and TV studio, blamed the bid's underwhelming reception on the company's last-minute deal with two bondholders to exchange their notes for new bonds at a lower strike price.
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