LOS ANGELES - Lions Gate Entertainment Corp said on Monday its board will review activist investor Carl Icahn's unsolicited bid to increase his share in the company.
Icahn said last month that he intends to increase his stake to 29.9 percent from 18.9 percent, which would make him the largest shareholder in the company.
Icahn is offering $6 per share. The company said in a statement that Morgan Stanley was serving as its financial adviser, and that shareholders did not need to take any immediate action regarding Icahn's tender.
Icahn's offer came after Lions Gate had expressed interest in acquiring the studio MGM and the Walt Disney Co film unit Miramax.
The investor said in a statement his offer was conditional on Lions Gate not entering into any transactions outside the ordinary course of business, which analysts viewed as an attempt to block the company from acquiring MGM or Miramax.
Shares in Lions Gate were up 1 cent at $5.46 in early afternoon trading on Monday. (Reporting by Alex Dobuzinskis: Editing by Gunna Dickson)