Lions Gate Entertainment (LGF) announced Tuesday morning that it received a revised unsolicited tender offer from Carl Icahn and certain of his affiliated entities, to acquire up to all of Lionsgate's outstanding common shares for $7.50 per share in cash.
Lions Gate Entertainment gapped open sharply higher Tuesday, but traded in a narrow range for the majority of the session. Shares finished up by 0.65 at $7.14, with volume at a 2-month high. The stock rose to a 2-month high and re-crossed its 50-day moving average.
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