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Lionsgate urges shareholders to protect their investments

HollywoodNews.com: Lionsgate today issued the following letter, which will be mailed to its shareholders:

Dear Fellow Lionsgate Shareholder:

As you may know, the offer by Carl Icahn and certain of his affiliated entities (the “Icahn Group”) to purchase up to all of the shares of Lionsgate for U.S. $7.00 per share in cash is set to expire this Wednesday, June 16, 2010. Lionsgate’s Board of Directors urges shareholders to continue to protect your investment and reject this financially inadequate, coercive and opportunistic offer by not tendering your shares and affording Carl Icahn control of Lionsgate. If you have already tendered your shares, we strongly recommend that you withdraw them. All of Lionsgate’s directors and executive officers have informed Lionsgate that they do not currently intend to tender their shares into the offer.

We are confident that the Icahn Group will not obtain control of Lionsgate, regardless of the additional shares recently tendered into the Icahn Group’s offer. A vast majority of shareholders have shown their support for the Company’s strategy and continue to reject the Icahn Group’s inadequate offer. As reflected in our most recently reported results, Lionsgate’s strategy is working. We will continue to create value for our shareholders.

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