Shareholder Activist Update: Carl Icahn reaches agreements with Hain Celestial & Lions Gate Entertainment

July 15th, 2010
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Contributed by: Hedge Fund Solutions LLC
Last week activist investor Carl Icahn entered into agreements with two companies, Hain Celestial Group (HAIN) and Lions Gate Entertainment Corp. (LGF). According to Hedge Fund Solutions’ Catalyst Research Report, Hain Celestial Group will appoint two individuals recommended by Mr. Icahn (including his son, Brett Icahn) to the company’s board, and the company will also create a committee of the board to consider strategic transactions. Lions Gate Entertainment has agreed to work together with Mr. Icahn on certain acquisitions between July 9 and 19, and the company will not engage in active negotiations for any transaction that would involve over 5% of the current outstanding stock.

Mr. Icahn’s hedge fund owns 44,772,451 shares in Lions Gate, representing 37.9% of the company’s shares outstanding. Icahn has steadily increased his ownership in the company since October of 2008. On March 19 of this year he offered to purchase all of Lions Gate for $6.00 a share, and on April 15 raised the amount to $7. He has also indicated his intention to run a proxy contest at the next annual meeting to replace the entire board of directors.

Mr. Icahn has also increased his ownership position in Hain Celestial Group from 11.92% in May to 13.24% in July and now owns 5,407,546 shares in the company.
For Detailed Investor Profiles on these Investors, click below:
Icahn Associates (Carl Icahn)
Related People: Alexander J. Denner; Brett Icahn; Carl Icahn; Keith A. Meister*
Related Entities: High River Limited Partnership; Icahn Partners; Icahn & Co Inc; Icahn Associates; Icahn Enterprises (formerly American Real Estate Partners); Icahn Fund Ltd; Icahn Partners LP
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles; Hedge Fund Resources and Featured Partner News

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