Icahn lets go of Lionsgate but battles on for Clorox

ACTIVIST investor Carl Icahn picked his battles yesterday, admitting defeat in his attempt to win control of studio Lionsgate but renewing his efforts to overhaul bleachmaker Clorox.

Lionsgate said yesterday that the billionaire and his son Brett Icahn had agreed to sell up to 44,161,971 shares of its common stock, representing most of the studio shares owned by the family. The deal will see Icahn and the studio, who have fought each other repeatedly in the courts, agree to dismiss all outstanding legal action between them.

Yesterday Icahn also said his nominees for the Clorox board would try to sell the firm if elected, with him “backstopping” an auction with a $10.26bn bid. Icahn has launched a proxy fight for Clorox after the board rejected two of his buyout offers, the last one worth $10.52bn.