Lions Gate makes efforts to block Carl Icahn’s attempt to increase stake

Carl-IcahnThe Hollywood Studio Lions Gate Entertainment Inc. is making all the efforts possible to block the investor Carl Icahn's attempt to acquire more stake in the company. The company has asked its shareholders to turn down Carl Icahn offer to buy out shares of Lions gate.

Icahn currently owns 18.9% stake in Lions Gate Entertainment but he feels the shares are not enough to give him a strong say in the company's decision making process.

Icahn has been very upset with Lions Gate's decision to acquire TV Guide Network. Icahn says that he is looking to pick up more stake in the studio in order to be able to protect his investments in the company. Icahn wants to increase his stake upto 29.9% and he has made $6 per share bid to acquire the additional stake.

However, Lions Gtae Entertainment doesn't want Icahn stake in the studio to go up. The company says that Icahn doesn't have much experience about the film business and thus his increased influence in the company may affect the company's expansion and growth plans. The Hollywood studio has also declined to give Icahn's representatives (including Icahn's son) a few seats on the company's board.