In an interesting week of daily news reports regarding the fate of MGM studios, it appears that the pre-packaged bankruptcy deal has been approved today by the current holders of MGM’s $4 bill debt. The vote effectively joins Spyglass and MGM studios and will be directed by co-CEO’s from Spyglass management. Continue reading
In yet another move today, it has been reported that billionaire investor Carl Icahn has extended his buyout offer to LionsGate shareholders until November 1. This move by Icahn as LionsGate’s primary shareholder places more pressure on MGM. Recall this week, the offer by Icahn to purchase outstanding debt from MGM and consolidate the two studios.
Both offers still on the table looking for shareholder and debtholder agreements extended until the end of the month. Lionsgate shares remained unchanged in early trading on today’s market.
In the ongoing saga for control of financially troubled MGM Studios, Carl Icahn makes another offer in his attempt to win MGM Studios. On the table, and still pending is the offer from Spyglass Entertainment to run MGM as part of a leveraged bankruptcy move. Icahn is now offering a 45cents on the $1 bid against the outstanding debt holders of MGM.
News breaking from CNBC business news: http://www.cnbc.com/id/39778657