HOSTILE TAKEOVERS

Icahn Gets Aggressive With Lionsgate

Letter accuses company of failing shareholders.

Upset much? Carl Icahn’s $575 million bid for Lionsgate this week was already hostile, so when he was summarily rebuffed, it only made him angrier. In a public letter to Lionsgate CEO Jon Feltheimer, Icahn accused the company of failing its shareholders after the studio’s board unanimously rejected his offer. Icahn said that Lionsgate has rewarded its executives with "bonuses, options, and golden parachutes" while the company’s value has declined. Further irking Icahn, the company just rewrote its bylaws to make a takeover more complicated; Icahn has already said he would challenge the move in court. Lionsgate, which called Icahn’s bid "woefully inadequate," plans to stick by its guns for the time being. "We are confident we can better serve our shareholders by continuing to execute our strategic business plan," it said in a statement.