This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

'Fast Money' Recap: Icahn vs. Lions Gate

NEW YORK ( TheStreet) -- Carl Icahn squared off Wednesday against Michael Burns, the vice chairman of Lions Gate (LGF - Get Report), on CNBC's "Fast Money" TV show.

Melissa Lee, the moderator of the show, noted that Icahn had made a tender offer of $6 for all of the shares he doesn't own in the company.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Burns called Ichan's offer "woefully inadequate" and defended the company's performance over the past 10 years. He said the company had done well with the assets it acquired and in its handling of its television and movie productions.

Lee pressed Burns on reports that the company is preparing to make a bid north of $1 billion for MGM Studio. Burns declined to comment on the reports but he declared, "We don't do dumb deals." He said his company carefully goes over every deal to see whether it can leverage it with its infrastructure and channel platform.

Icahn was quick to pounce on the statements. He said Lions Gate shouldn't be making money-losing movies and television productions, adding it was "absurd" to spend $1 billion on MGM Studio. He said the company shouldn't have anything to fear from his tender offer, adding the shareholders would decline to tender if they thought the price was too low.

Burns said the shareholder vote was fair because the company's poison pill would be removed if Icahn got more than 50% of the vote. Icahn, though, complained he wasn't allowed to vote.

Afterward, the panelists agreed that Burns had won the exchange. Guy Adami said he liked the stock, while Gary Kaminsky said he thought both sides might be close to a deal.

The debate came on a down day for the markets. The Dow Jones Industrial Average fell 52.68, or 0.48%, to 10,836.15, while the S&P 500 dropped 6.45, or 0.55%, to 1,167.72. The Nasdaq was down 16.48, or 0.68%, to 2,398.76.

Kaminsky said there was a good bit of news from the market reaction to three IPOs that began trading today. He has maintained all along that a healthy IPO market would be one of the keys for the market in 2010.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $12.95 0.00%
CALX $7.34 0.00%
FIBK $26.23 0.00%
LGF $18.53 0.00%
MOS $24.86 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs