Lions Gate Offers to Buy Image Entertainment

Lions Gate Entertainment Corp., a distributor of independent films such as “Monster’s Ball” and “Fahrenheit 9/11,” offered to buy Image Entertainment Inc. for as much as $92.8 million in stock.

Santa Monica-based Lions Gate said it offered to pay 0.38 to 0.42 of a share of Lions Gate stock -- valued at as much as $4.37 -- for each share of Chatsworth-based Image, which has 21.3 million shares outstanding.

The offer was reported after the stock market closed Tuesday. Before the close, Image Entertainment rose 6 cents to $3 a share and Lions Gate edged up 2 cents to $10.40.