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Carl Icahn ends Lionsgate bid
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CBC News-Billionaire investor Carl Icahn has ended his attempt to buy Vancouver-based film studio Lionsgate and has agreed to sell his one-third ownership of the company.
Lionsgate said late Tuesday that the takeover specialist and his son, Brett, have agreed to sell 44,161,971 Lionsgate shares back to the company.
The duo have been engaged in a testy battle to control the studio for more than a year, but his dispute with management over the firm's direction has been around even longer than that.
Lionsgate is based in Vancouver but operates out of Santa Monica, Calif. It has had a number of recent successes, such as the television hit Mad Men.
Icahn will sell his stake to the company for $7 a share in three separate purchases over the next 35 days. That price is below Lionsgate's closing stock price on Monday, but roughly in line with Icahn's initial purchase price.
"The parties also agreed to dismiss all outstanding litigation between them and release all claims that they may potentially have against each other," the Lionsgate release reads.
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