Icahn thins Lionsgate stake

The Carl Icahn era at Lionsgate is drawing to some quiet finish, using the billionaire investor reducing his holding to around 1%. Icahn offered a block of nearly 3 million shares Wednesday, an educated source stated. A week ago Lionsgate completed its offering of 19.two million shares of his stock at $7 a share, which in fact had cut his stake to three.1%. Lionsgate and Icahn didn't have comment about Wednesday's purchase. The stock, that was up 4 to $7.05 in mid-session Thursday, has produced a typical daily amount of 589,000 shares throughout yesteryear three several weeks. The offering completed an August. 30 settlement with Icahn and the boy Brett Icahn. The Icahns and small-major had introduced that they are ending 3 years of fighting within an agreement to market the Icahn's 33% stake in the organization at $7 a share via a number of deals amassing about $309 million. The settlement known as for Lionsgate to purchase back 11 million shares from Icahn at $7 a share as well as for Lionsgate director Mark H. Rachesky to buy one more 11 million shares from Icahn at $7 per share. Contact Dork McNary at dork.mcnary@variety.com