Carl Icahn is back with another hostile takeover offer for Lions Gate, this time for less money than his previous effort. He's already the company's largest shareholder, with a 38 percent stake. Much of the battle has been waged not by Icahn, but by his son Brett, who is likely to be on the board (at least) if Lions Gate management is forced to capitulate. From Dow Jones:

Nell Minow, a corporate governance expert and editor with The Corporate Library, said the nomination of Brett to Lions Gate's board could irk shareholders at a time when corporate directors are receiving heightened scrutiny. "Carl Icahn has accomplished great things for shareholders, but his one Achilles' heel has been that when it comes time for putting up a slate, he often goes for loyalty instead of credibility," Minow said. "There's no leeway for wasting a board seat anymore. Anybody who wants to appeal to shareholders has to find candidates that are immediately credible."

As for nepotism, Brett said that anyone who knew his father "would find that concept totally nonsensical."