From the Los Angeles Times:
Los Angeles Times | Oct. 11, 2010 8:10 p.m. PT
BREAKING: Lions Gate Makes New Merger Proposal to MGM Lenders
In a surprise move, Lions Gate Entertainment has made another merger proposal to MGM lenders, potentially upsetting a proposed pre-packaged bankruptcy plan that would hand debt-holders about 95% of the studio, according to people close to the matter.
Lions Gate's proposal, which would give MGM lenders a 55% stake in the merged company, would combine Hollywood's leading independent movie and television studio with one of industry's oldest, but financially crippled studios with an extensive film library.
The proposed merger could also be a defensive move on the part of Lions Gate management, which has been under assault by dissident shareholder Carl Icahn for more than a year.
More at: www.latimes.com/companytown
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