It looks like Lions Gate blinked first...at least for now.
Last week, the movie studio, embroiled in a vicious fight to fend off takeover attempts by septuagenarian corporate raider cum activist hedge fund manager Carl Icahn, announced some sort of a truce.
It said in a regulatory filing on Friday that the two parties agreed “to work together on certain acquisition opportunities.” Alas, this only applies to a 10-day period from July 9 through July 19.
Still, Lions Gate also agreed to refrain from “specified actions” during that period. In a letter to Icahn made public in a regulatory filing, Lions Gate vice chairman Michael Burns elaborated that the company will not issue any securities or enter into any agreement with any member of its board of directors, negotiate a deal to issue more than 5 percent of its shares except if the two parties agree to it, or arrange for or encourage any other person or entity to purchase securities of Lions Gate.....