Lionsgate said last night [2] its board of directors had rejected Carl Icahn’s unsolicited offer to buy up to all of the issued and outstanding common shares at $6.50 per share.

The company said Icahn’s latest offer was “not in the best interests of Lionsgate and its shareholders and other stakeholders”, delivering a further setback to the corporate activist.

Last week British Columbian authorities threw out Icahn’s challenge to the recent move by the studio to swap $100m debt for equity.

That tactic reduced Icahn’s stake in the studio from just under 38% to 33.5%. Icahn’s tender offer expires on August 25.