Icahn buys more MGM loans to thwart Spyglass deal
LOS ANGELES (Reuters) - Carl Icahn on Wednesday said he was buying more debt in Metro-Goldwyn-Mayer to add to his stake as he seeks to block a pending deal between the studio and Spyglass Entertainment,.
Icahn said he has purchased a substantial amount of MGM senior secured loans at a purchase price of 50 cents per one dollar in principal amount. These purchases are in addition to a previously announced tender and put offer for the loans, Icahn said.
Icahn backs a rival proposal to merge MGM with Lions Gate Entertainment Corp.