As Carl Icahn announced the pricing for his offer to buy Lionsgate’s debt (interestingly, still without making an actual offer for the debt; is Icahn bluffing?), Lionsgate has hired an experienced team of bankers, lawyers and PR reps to help them fend off the corporate raider.
The independent studio has hired Morgan Stanley; law firm Wachtell, Lipton, Rosen and Katz and the “high-priced” PR firm, Joele Frank Wilkinson Brimmer Katcher, which is “known for advising companies embroiled in hostile deals,” Sharon Waxman writes.
The firm represented Motorola in its 2007 fight with Icahn.
Many of the execs [on the team]…are veterans of other, non-media adventures with Icahn, including the takeover of TWA. “Their track record is excellent,” said a person with knowledge of the hiring. “Shareholders have a right to expect that the company is going to make a strong effort to defend itself.”
Still, LGF shareholders seem to have been encouraged by Icahn’s offer. Lionsgate’s stock ended yesterday up more than 8% to $5.31.
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