Billionaires At Lions Gate (LGF)
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The takeover battle for movie production company Lions Gate Entertainment (NYSE: LGF) heated up in a big way after the market closed today.
First, billionaire Carl Icahn raised his bid for Lions Gate to $7 per share. The company has resisted past overtures from Icahn.
Second, another billionaire, Mark Cuban, disclosed a new 5.4% stake in the company.
In a 13D filing, Mark Cuban disclosed that he owns 6,369,315 shares of Lions Gate, paying a total of $27,897,430 for his position, or about $4.38 per share. Mr. Cuban said he acquired the shares of Common Stock for investment purposes.
Also interesting from Mr. Cuban is that he sold to counterparties the right to put to him 2,000,000 shares of common stock at a price of $7.50 per share, if exercised prior to or on January 22, 2011. This is a bullish option position.
First, billionaire Carl Icahn raised his bid for Lions Gate to $7 per share. The company has resisted past overtures from Icahn.
Second, another billionaire, Mark Cuban, disclosed a new 5.4% stake in the company.
In a 13D filing, Mark Cuban disclosed that he owns 6,369,315 shares of Lions Gate, paying a total of $27,897,430 for his position, or about $4.38 per share. Mr. Cuban said he acquired the shares of Common Stock for investment purposes.
Also interesting from Mr. Cuban is that he sold to counterparties the right to put to him 2,000,000 shares of common stock at a price of $7.50 per share, if exercised prior to or on January 22, 2011. This is a bullish option position.
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