In a Dec. 8 letter to shareholders, Lionsgate’s board criticized a slate of potential board people that activist shareholder Carl Icahn would like elected on the Dec. 14 yearly shareholder meeting.
Icahn, who owns much much more than a 3rd within of the Santa Monica, Calif.-based minimajor’s shares, is attempting a hostile takeover through a $7.50 every reveal provide for exceptional standard shares.
Lionsgate mentioned Icahn’s slate — which consist of studio executive Chris McGurk, most recently with Overture Films; Jay Firestone of Firestone Entertainment; Michael Dornemann, a previous Take-Two board member; Daniel Ninivaggi; and Harold Shapiro — lack the pertinent mass media come throughout essential to oversee a studio.
In addition, Lionsgate characterized Icahn owning a “frightening record” of destroyed shareholder value, underscored by allegations that an purchase of $1 within a institution whose board bundled Icahn reps would have made a worth of just 18 cents perfect after 10 years.
The studio mentioned Icahn within of the ’90s held a film distribution company, Stratosphere Entertainment, which promised returns from $3 million to $30 million on releases; however produced a blended $7 million on twelve movies.
Stratosphere went away from institution in 2000.
“Now, is unquestionably not the time to create changes,” Lionsgate authored within of the letter.