NEW YORK ( TheStreet) -- Carl Icahn squared off Wednesday against Michael Burns, the vice chairman of Lions Gate ( LGF), 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 onTV

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.

Joe Terranova said the euro is declining ahead of an important EU summit Thursday to deal with the debt crisis. He also said oil and gold are under pressure. "I think you are going to see a big liquidation in the euro."

Adami said he believes there's a good chance that Greece's prime minister will declare on Friday that the country is insolvent.

Pete Najarian tried to separate Europe's troubles from the U.S. markets. He said the U.S. markets have managed to have shaken off the problems coming from Europe. Dennis Gartman agreed, saying the collapse of the euro will not lead investors in the U.S. to sell stocks

Adami pointed out that crude, for the first time in quite sometime, was down on bearish news. He said it had been the reverse before today.

Lee said it was a stellar day for IPOs as Maxlinear ( MXL - Get Report) was up 33.57% above its IPO price. Calix ( CALX - Get Report) was up 16.15%, and First Interstate Bank ( FIBK - Get Report) was up 8%.

Terranova said the first-day performances demonstrate how much the equities markets have improved. Kaminsky said it's a "huge confidence builder when people can buy these deals and the syndicate business is working."

Will the bailout companies be next to go public? Kaminsky thinks General Motors may attempt to do it before July 4. Najarian said Bank of America ( BAC - Get Report) looks there may be some more upside to it.

In other after-hour developments, Red Hat ( RHT) was down in after-hours trading. Patty Edwards, founder of Storehouse Partners, was puzzled by the decline because she felt the company was doing all it needed to do in its earnings and guidance.

Lee brought in Anthony Scaramucci, managing partner of Skybridge Capital Partners, to comment on the move by former Wall Street titans to smaller firms. She cited in particular Jon Corzine's move to MF Global ( MF), John Thain's move to head CIT Group ( CIT.N) and Alan Schwartz's move to Guggenheim Partners.

Scaramucci cited several reasons for the moves, including the impact on TARP on compensation and how the top positions in Wall Street have lost their glamour. He also said these titans are going to smaller, nimbler financial services firms, which he said could be the trend for the future.

In the final trades, Terranova liked Yahoo! ( YHOO). Adami liked Lions Gate and Kaminsky liked MF Global. Najarian liked Mosaic ( MOS - Get Report)

-- Written by David Tong in San Francisco

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