October 27, 2010 / 9:17 PM / 9 years ago

Icahn buys more MGM loans to thwart Spyglass deal

Investor Carl Icahn speaks at the Wall Street Journal Deals & Deal Makers conference, held at the New York Stock Exchange, June 27, 2007. REUTERS/Chip East

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.

Reporting by Susan Zeidler; Editing by Gary Hill

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