Billionaire investor Carl Icahn said on Monday his $6-a-share offer for Lions Gate Entertainment is fair and that the only reason that the company's stock is trading above $6 is because of him.
The financier, citing the declining values of film libraries and what he perceives as mismanagement by Lions Gate in its moviemaking endeavors, defended the offer when asked by Reuters if he would raise his bid.
Based on the fact that these film libraries are in decline and that management has done poorly with their big budget movies and the rumors 'The Killers' might be a $75 million flop, I firmly believe that the stock would be lower than the $4.85 it sold at when we started to buy it again in early February, he said.
I believe the only reason it is selling above $6 is because we are there, he told Reuters.
Lions Gates shares closed up 4 cents at $6.24 on Monday on the New York Stock Exchange.
(Reporting by Sue Zeidler; Editing by Steve Orlofsky)