Icahn ups Lions Gate stake to 16.87 percent - Los Angeles Business from bizjournals:

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Many of Icahn's various investment entities acquiredabout 1.5 milliob shares (NYSE: LGF) in the latesty purchase, saying in statement that "the common shares of Lions Gate were undervalued." Icahjn now controls about 19.8 milliohn shares, and in a statement said that the investment entitiezs might acquire more shares. The statemenrt also hinted at a possiblre shakeup of the Lions Gate board of directors at the nextshareholder "The Icahn Affiliates may seek to add nominees designated by the Icahn Affiliates to Lions Gate's board of which could include expanding the size of the board of directorsz of Lions Gate and/or removing individuals from the boarc of directors of Lions Gate," the statemen said.
Santa Monica-based Lions Gate's largest shareholder is stillMark Rachesky, a former Icahn advisor. Rachesky's stake is just undert 20 percent. Rumors have persisted as to whethefIcahn . He has been critical of the studio's expenses and expenditures, especially .