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Carl Icahn extends offer to buy Lions Gate stock

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.