(Updates with prior Icahn holdings in fourth paragraph.)
Oct. 13 (Bloomberg) -- Lions Gate Entertainment Corp., the producer of the television drama “Mad Men,” sold $134 million of shares owned by activist investor Carl Icahn after putting the offering on hold earlier this month.
The company arranged the sale of 19.2 million shares owned by funds affiliated with Icahn for $7 each, according to a statement. Icahn funds own about 3.1 percent of Lions Gate common shares after the offering, the company said.
The sale helps resolve a court dispute spurred by Icahn’s hostile pursuit of the independent film and TV studio. Lions Gate agreed to help sell the shares for $7 each, or 1.4 percent less than yesterday’s closing price of $7.10. The company won’t receive any proceeds, according to the statement.
Icahn owned about 17 percent of the common shares before the offering, according to a regulatory filing. The planned sale was pushed back after the Standard & Poor’s 500 Index dipped to its lowest level in a year on Oct. 3, a person familiar with the transaction said at the time.
Lions Gate fell 0.6 percent to $7.06 at 11:11 a.m. New York time. Piper Jaffray Cos. of Minneapolis led the offering.
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