In an effort to increase the value of its home video library, Lions Gate Entertainment said late Tuesday that it has made an unsolicited bid for home entertainment company Image Entertainment, according to the Hollywood Reporter. Image has tons of fabulous horror titles. For specific details on the sale read on.
In a Securities and Exchange Commission filing, Lions Gate said CEO Jon Feltheimer sent a letter Aug. 30 to Image chairman and chief executive Martin Greenwald, offering to swap 38 cents-42 cents per Lions Gate share for each share of Image. Based on Lions Gate's closing share price of $10.15 Wednesday, the deal would put Image's per-share value in the $3.85-$4.27 range and the overall value of the Chatsworth, Calif.-based company in the $83 million-$92 million range.