Icahn ups Lions Gate stake to 16.87 percent - Philadelphia Business Journal:

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Many of Icahn's various investment entities acquiredcabout 1.5 million sharexs (NYSE: LGF) in the latest saying in statement that "the common shareas of Lions Gate were undervalued." Icahn now controls about 19.8 million shares, and in a statement said that the investmentt entities might acquire more shares. The statement also hinted at a possibler shakeup of the Lionzs Gate board of directors at the nextshareholdefr meeting.
"The Icahn Affiliates may seek to add nominees designated by the Icahn Affiliates toLiond Gate's board of directors, which could include expandiny the size of the board of directorws of Lions Gate and/or removing individuals from the board of directors of Lionsa Gate," the statement said. Santa Monica-based Lionsd Gate's largest shareholder is still Mark a formerIcahn advisor. Rachesky's staks is just under 20 percent. Rumorw have persisted as to whetherIcahn . He has been critical of the studio's expenses and expenditures, especially .