Lions Gate Entertainment Corp has become a hot stock ahead of the release of highly anticipated movie The Hunger Games, adapted from the best-selling book trilogy by Suzanne Collins.
All of this hype surrounding the movie has helped move Lions Gate’s stock price up more than 15% in the last month. LGF’s stock is up more than 138% YTD.
We wanted to find out who is the largest shareholder in the entertainment company.
It turns out it’s Investment firm MHR Fund Management, which disclosed that it had snapped up more than 51.26 million shares, or a 35.74% stake, according to Bloomberg Data citing a 13D regulatory filing from February 12th.
The fund’s manager Dr. Mark Rachesky is not only the No. 1 shareholder, but he also has a big title with the company — he’s the co-chairman of Lions Gate, a title shared with CEO Jon Feltheimer.
According to the LA Times, Rachesky became the largest shareholder when he bought 11 million shares last fall from billionaire investor Carl Icahn who had decided to sell his 44 million shares for $7 each after a failed takeover bid.
Rachesky, who has been a member of the board at Lions Gate since 2009, teamed up with Capital Research Global Investors to block Icahn’s takeover attempt with their combined 38% stake, according to Reuters.
What’s interesting is Rachesky worked for Icahn from 1990 to 1996.
He’s also a member of several other company boards including Catalyst Investors, Nationshealth Inc, Telestat Holdings (Chairman), Loral Space Communications, Empisphere Technologies and Leap Wireless (Chairman).
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