And on Fast Money Ichan responded to Burns.
“If you think $6 is such a terrible bid I won’t get it. If I’ve undervalued the company nobody will tender it," said Icahn.
Also Ichan is aggravated by a poison pill which triggers whenever any hostile acquirer gets a stake in the company exceeding 20 percent.
The company rewrote its bylaws to make a takeover attempt more difficult, a move Icahn has said he will challenge in court.
However, Burns tells the desk, “This is not a typical pill. If Carl ends up with 50% of the stock that he doesn’t already own, the pill goes away.”
So who won the showdown, Icahn or LionsGate?
3 of the Fast Money traders sided with Burns; Pete Najarian commented, “Carl is just trying to get something at a great price!”
What do you think? We want to know!
* As you can imagine the conversation between Michael Burns and Carl Icahn was heated to say the least. Watch the videos above then tell us what you think!
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Trader disclosure: On March 24th, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC) (MSFT), (NUE), (BTU); Najarian Owns (BAC) Calls; Najarian Owns (C) Calls; Najarian Owns (CAT) Calls; Najarian Owns (DVN) Calls; Najarian Owns (F) Calls; Najarian Owns (GE) Calls; Najarian Owns (INTC) Calls; Najarian Owns (MCD) Call Spread; Najarian Owns (MOS) Calls; Najarian Owns (RHT) Call Spread; Najarian Owns (YHOO) Call Spread; Terranova Is Short Crude Oil May Futures; Terranova Is Short (CAL), (UAUA), (GS); Terranova Owns (QCOM), (APA), (AMSC); Terranova Owns (GLD) April Puts; Terranova Owns (GS) Puts; Funds Managed By Dennis Gartman Are Short Euro; Stutland Equities Is A Market Maker In VIX And SPX Options; Stutland Owns (TXN)
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