Icahn says Lions Gates house unsuccessful shareholders

NEW YORK Wed March 24, 2010 11:45am EDT Related News UPDATE 3-Icahn says Lions Gate"s house unsuccessful shareholdersWed, March twenty-four 2010Lions Gate house rejects Icahn"s ultimate offerTue, March twenty-three 2010UPDATE 1-Lions Gate house rejects Icahn"s ultimate offerTue, March twenty-three 2010Icahn offers to buy Lions Gate as MGM bid loomsFri, March nineteen 2010UPDATE 1-Icahn offers to buy all of Lions GateFri, March nineteen 2010

Investor Carl Icahn speaks at the Wall Street Journal Deals Deal Makers conference, hold at the New York Stock Exchange in this Jun 27, 2007 record photo.

Credit: Reuters/Chip East

NEW YORK (Reuters) - Lions Gate Entertainment Corp"s house of directors has "failed" the movie college of music and the CEO"s care has finished small to good shareholders, romantic financier Carl Icahn charged on Wednesday.

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In an open minute to Lions Gate"s Chief Executive Jon Feltheimer, Icahn -- whose antagonistic bid to buy the association was rebuffed yesterday -- pronounced the company"s low batch cost is an denote that "something is wrong."

"You explain that I indicate no "meaningful vision," thereby implying that you have one," Icahn said. "I cannot assistance but consternation because your "vision" -- if so "meaningful" -- never translated in to shareholder value?"

Representatives of Lions Gate were not accessible to criticism on Wednesday morning, one day after the house suggested shareholders to reject Icahn"s indicate to squeeze the apportionment of Lions Gate he does not already own for $6 per share.

The contention comes as Icahn seeks to hinder a bid by the college of music -- in that he already owns about a nineteen percent interest -- to take storied opposition Metro-Goldwyn-Mayer.

Icahn argued that the house would be misled should it permit an MGM understanding or a bid for Walt Disney Co"s Miramax movie unit, for that Lions Gate would need to steal billions of dollars.

What is more, the worth of their living room of movie -- that includes MGM"s James Bond authorization -- is "in a physical decline, never to lapse to money flows seen during the heyday of DVD sales," he pronounced in the letter.

Icahn said: "I indicate that your directors have unsuccessful shareholders."

Lions Gate rose 1.5 percent to $6.08 in sunrise trade on the New York Stock Exchange. The batch has risen about 9.5 percent in the past year, but has declined by about 45 percent over 5 years.

(Reporting by Franklin Paul, modifying by Gerald E. McCormick)

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