market folly

Late last week, corporate raider and everyone's favorite rabblerouser Carl Icahn said he was seeking to acquire all of Lions Gate Entertainment (LGF). This is a much more aggressive move for Icahn as he previously was seeking to acquire only 29.9% of the company.

Icahn currently owns almost 19% of the company and he is offering $6 a share, contingent upon his acquiring 50.1% of the company at least. Additionally, the company would have to remove its poison pill. If he is successful, it seems very clear that Icahn will start his campaign of change by replacing management. Shares are already trading around his $6 offer price, so it will be interesting to see if he is successful with yet another acquisition.

In terms of other recent action out of Icahn's camp, we recently noted he exercised warrants on Tropicana Entertainment and we've posted up Icahn's investor letter as well. Taken from Google Finance, Lions Gate Entertainment is "the studio with a presence in production and distributions of motion pictures, television programming, home entertainment, family entertainment, video-on-demand and digitally delivered content. The Company released approximately 18 to 20 motion pictures theatrically per year, which include films it develops and produces in-house, as well as films that it acquires from third parties."

To see the rest of his investments, head to our coverage of Carl Icahn's portfolio.