Carl Icahn extends offer to buy Lions Gate stock

/ Source: The Associated Press

Billionaire investor Carl Icahn said Friday that he has extended his offer to buy all of Lions Gate Entertainment Corp.'s stock that he doesn't already own for $7.50 a share.

The offer now expires on Nov. 22, 11:59 p.m. PST. The offer had been due to expire on Friday.

Icahn, who owns about a third of Lions Gate's shares, is the niche movie studio's largest investor.

On Wednesday, the studio reported a net loss of $29.7 million, or 22 cents per share, compared with earnings of $31.7 million, or 26 cents per share, a year earlier.

Shares of Lions Gate Entertainment Corp. rose 4 cents to $7.24 in afternoon trading. The studio is based in Vancouver, British Columbia, but run from Santa Monica, Calif.