Carl Icahn's Latest Attempt to Buy Lionsgate

After slowing upping the ante on a proposed takeover of Lionsgate, investor and minority shareholder Carl Icahn now wants the whole ball of wax. Icahn, one of America's richest men and an experienced corporate marauder, has been trying to increase his stake in the company in an effort to stop what he sees as a bunch of bad financial moves. The latest measure came Friday, as Icahn offered $6 a share to assume what would amount to total control of the company, even at only 30% of stock. LGF stock closed the week at 6.11 a share, thereby leading to a statement from a studio spokesman that Icahn's offer was "financially inadequate and not in the best interests of Lionsgate and its shareholders." If Icahn can wrest control away, it really would be his shop. He's already announced that he'd replace existing management and the board of directors and he would keep Lionsgate from going after film libraries, like MGM, for example, which is currently up for bids. "It should be up to the shareholders to determine if they wish to more than 'double down' on another library, especially in light of the company's admitted 'substantial degree of leverage,'" Icahn sad in a statement, who also vows to cut the operating costs of the company. "I understand that such a dramatic shift in management and growth strategy may thrust Lionsgate into a potentially volatile period of transition, but I believe the company will emerge much stronger on the other end," he added. This has been going on for a while, and Icahn clearly has more money than Lionsgate, and while it's dangerous for a billionaire to buy a movie studio, it loos like we might be headed that way.