Oct 4 A secondary offering of shares in Lions
Gate Entertainment Corp by affiliates of billionaire
investor Carl Icahn has been put on hold due to poor market
conditions, a source with direct knowledge of the process said.
Icahn, who waged a lengthy battle for control of the
Hollywood studio, agreed in August to sell his stake, and he and
his son Brett were due to offload up to 44 million Lions Gate
Under that sale agreement, Lions Gate and MHR Fund
Management, controlled by director Mark Rachesky, bought 11
million shares each from Icahn.
The offering, of 19.2 million of the remaining shares, had
been expected to price this week, according to a filing with
regulators by Lions Gate.
The source asked not to be identified as he was not
authorised to talk to the media.
The delay comes at a time when the U.S. IPO market has
stalled amid concerns about Europe's debt crisis and a weak
domestic economic recovery. Several offerings have been
withdrawn in recent months.
Lions Gate shares were flat at $6.84 on Tuesday on the New
York Stock Exchange.
(Reporting by Brenton Cordeiro in Bangalore, additional
reporting by Jochelle Mendonca, Editing by Ian Geoghegan)