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With Lionsgate pondering a possible binding offer for MGM this week, the mini-major's gearing up for a battle with Carl Icahn over the merits of such a deal.
Lionsgate officially attacked on Friday, blasting Icahn's unsolicited bid to boost his stake in the company from 19% to 29.9% as being too low and coercive. Icahn's tender offer, launched March 1, includes a provision preventing Lionsgate from any acquisition that costs more than $100 million.
MGM has set a Friday deadline for binding offers on the debt-ridden company, whose pricetag is expected to be about $2 billion. Lionsgate is one of six parties in the second round of bidding for MGM.