What's Icahn Up To Now?
While some reports indicated on Friday that activist investor Carl Icahn wound up supporting Spyglass Entertainment's bid for MGM in exchange for a seat on the MGM board, other reports claim that Icahn is still attempting to buy up MGM debt in an effort to thwart the Spyglass deal and merge the studio with Lionsgate, in which he is the largest shareholder. The reports may not be in conflict. Last Thursday, the day before MGM shareholders approved the Spyglass deal, Lionsgate sued Icahn, claiming tortious interference with its own merger offer. Britain's Guardian newspaper reported today ()Monday), without citing sources, that Icahn received an agreement from the MGM board that it would continue to negotiate with him on a merger with Lionsgate even while MGM's prepackaged bankruptcy plan, which includes the deal with Spyglass, is being implemented.