Lionsgate shareholders have rejected Carl Icahn’s offer to buy the company’s common shares at $7 a share, the company said on Monday [10].

In a statement Lionsgate said: “Lionsgate’s shareholders have demonstrated that they believe the Icahn Group’s offer is inadequate and does not reflect the value of their investment.

“Lionsgate appreciates the support of its shareholders and encourages all of its shareholders to continue to reject the Icahn Group’s offer by not tendering their shares, and for those who have, to withdraw them. 

“The company’s board of directors believes that the Icahn Group’s offer is financially inadequate, opportunistic and coercive and is not in the best interest of Lionsgate, its shareholders or other stakeholders.”

The special meeting of shareholders, scheduled to ratify the shareholder rights plan, will be held on May 12 in Toronto.