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Icahn said in a statement that his latest offer would expire October 22, unless extended or withdrawn.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