Hit #157 (Image Entertainment)

Image Entertainment (DISK) is selling itself to BTP Acquisition Inc. for around $130 million. The cash offer amounts to $4.4/share, a tiny gain of 8.1% over my average cost of $4.07.

Image was earlier a target of a hostile bid from Lions Gate Entertainment. While that would have been a good combine, the advance was rebuffed.

Cash for my Image shares purchase came from proceeds from the takeover of E-Loan (Hit #57), making for a minor bump from the original gains. I will be looking at investing cash from this buyout into Lions Gate (LGF) as it still remains a target for major Hollywood studios. I have been looking at Lions Gate for quite a while now, with an earlier mention made in this post.

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