Lionsgate’s board has recommended shareholders reject Carl Icahn’s offer of $7 per share and do not tender their shares into the offer.

The studio said the unsolicited offer was “financially inadequate, opportunistic and coercive” and would not serve Lionsgate’s interests.

“We believe that the Icahn Group’s offer remains financially inadequate and does not reflect the full value of Lionsgate shares,” Lionsgate co-chairman and chief executive officer Jon Feltheimer said.

“We believe that the offer pales in comparison to the value inherent in the world-class platform we have established over the past ten years.”

The board also recommended that shareholders vote to approve the Shareholder Rights Plan at the special meeting of shareholders to be held on May 4.