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Icahn proposes director slate for Lions Gate

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Carl Icahn released a slate of five proposed dissident directors for the board of Lions Gate Entertainment Corp. (LGF-N), setting the stage for another showdown between the billionaire investor and the Hollywood studio's senior executives.

 

Icahn's nomination of the five individuals comes a week after Lions Gate unveiled its own slate of 12 candidates for the board, with all but one of them being incumbents.

 

Earlier this year, Icahn launched a hostile takeover bid for the Hollywood studio behind the television show Mad Men and the movie franchise Saw, and his latest regulatory filing proposing the slate of directors shows that he owns nearly 33 percent of the company's shares.

 

Icahn's five proposed directors are:

  • Jay Firestone, a Canadian film and television producer
  • Michael Dornemann, a former executive at Bertelsmann Entertainment
  • Christopher McGurk a former CEO of Overture Films
  • Daniel Ninivaggi the president of Icahn Enterprises
  • Harold Shapiro a professor of economics and public affairs at Princeton University.

Lions Gate shareholders are scheduled to elect 12 new directors at an annual meeting on Dec. 14 in Los Angeles.

 

Lions Gate in October filed a lawsuit against Icahn accusing him of secretly plotting to merge Lions Gate and the troubled studio Metro-Goldwyn-Mayer. Icahn has sought to have the lawsuit dismissed.

 

In his proxy filing on Friday nominating his slate of five dissident directors, Icahn continued his attacks on Lions Gate's management by accusing the company of failing to “reverse declining shareholder value over the past five years and develop strategies that will enhance returns.”

 

A representative for Lions Gate declined comment.

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