M&A: Canada kills poison pill
The battle over Lionsgate reached the British Columbia Securities Commission - which has issued a "cease trade" order to effectively invalidate a poison pill set up by the company's directors and to open the way for shareholders to decide on a offer to buy the company without Board intervention.
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The Icahn Group's offer to purchase up to all of the outstanding common shares of Lionsgate for USD7.00 per share in cash is open for acceptance until 8:00 p.m., New York City time, on 30 April, 2010, unless extended or withdrawn.
Carl C. Icahn said that the British Columbia Securities Commission (BCSC), the independent provincial government agency responsible for regulating securities trading in British Columbia, has issued a "cease trade order" with respect to the Poison Pill adopted by Lionsgate's board of directors, effectively eradicating the Pill and restoring to shareholders the right to decide for themselves - without interference from the Board - whether they wish to participate in the Icahn Group's tender offer.
Carl C. Icahn reacted to the BCSC's decision by commenting: "I am gratified to see that - consistent with its vision to play a leading role in securities regulation that inspires investor confidence and supports fair, efficient, and innovative Canadian capital markets - the BCSC agreed with our view that Lionsgate shareholders should have the right to decide for themselves whether they wish to sell their shares in our tender offer. We commend the Commission for its thoughtful consideration and resolution of this important issue."
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