娱乐英语新闻:Billionaire Icahn vows to take over Lions Gate

LOS ANGELES, June 17 (Xinhua) -- Billionaire investor Carl Icahn vowed on Thursday to take over Lions Gate, a film and television studio based in Santa Monica, Los Angeles.

Icahn confirmed that he had purchased 15.6-million shares of Lions Gate for seven dollars per share in cash, amounting to about 109.2 million dollars, as his tender offer expired.

With that purchase, Icahn now has a 31.8 percent stake in the company.

"We are pleased with the results of our tender offer," Icahn said in a prepared statement.

Starting from Thursday, Lions Gate Entertainment shareholders will have 14 days to tender their stock to Icahn who has become its largest shareholder.

Icahn, who has been trying to gain control of Lions Gate for months, also may have triggered the default of Lions Gate's 340 million-dollar credit facility.

Icahn, who previously held 18.6 percent of Lions Gate stock, offered seven dollars per share for all outstanding stock. And, though the Lions Gate board advised shareholders to resist Icahn, Dallas Mavericks owner Mark Cuban sold him about 9.2 million shares, the Los Angeles Times reported.

Other stockholders sold Icahn another 6.7 million shares.

Between now and June 30, Icahn may gain more shares as other stakeholders have the opportunity to tender their shares. After that, Icahn has said he will begin a proxy contest to take control of Lions Gate's board of directors by putting up a slate of candidates.

If Icahn's ownership stake reaches 33 percent, he will have the power to veto any mergers or acquisitions -- potentially hampering management's ability to move forward on certain business transactions.

The 74-year-old billionaire has long promised to establish a bloc of board members he controls.

Despite the developments, Lions Gate said it remained confident that Icahn "will not obtain control" and urged shareholders to continue rejecting his "inadequate offer" by not tendering their shares over the next 14 days.