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Icahn ups Lions Gate offer, gives deadline


    NEW YORK (Reuters) - Activist investor Carl Icahn said on Tuesday that he has increased his offer to buy Lions Gate Entertainment Corp to $7.50 per share, sending the company's shares up more than 12 percent.

    Lions Gate -- the studio behind film and television hits like "Saw," "Precious" and "Mad Men" -- had previously rejected a hostile bid Icahn made in July to buy it for $6.50 per share.

    Icahn said in a statement that his latest offer would expire October 22, unless extended or withdrawn.

    A representative for Lions Gate was not immediately available for comment after the announcement.

    Lions Gate shares rose 82 cents or 12.6 percent to $7.31 after the news.

    (Reporting by Sinead Carew; editing by Gerald E. McCormick)