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Icahn has 31pc Lions Gate stake

Billionaire Carl Icahn said yesterday that 12.5 per cent of Lions Gate Entertainment’s shares were tendered after his $7 a share offer, effectively giving him a 31 per cent stake in the studio. Under the terms of Lions Gate's $340m (£230.6m) credit facility, any investor gaining more than 20 per cent of the studio, home to the “Saw” films, could trigger a technical default.