Lions Gate Entertainment Corp's
The move was the latest development in a long-running ownership battle, as Icahn seeks to forestall a bid by the studio -- of which he already owns about a 19 percent stake -- to acquire storied rival Metro-Goldwyn-Mayer.
Time Warner Inc
Lions Gate's board advised shareholders reject Icahn's offer to purchase the common shares of Lions Gate he does not already own for $6 per share.
We believe that nothing has changed -- the offer remains financially inadequate and still does not reflect the full value of Lionsgate shares, Lions Gate Co-Chairman and Chief Executive Officer Jon Feltheimer said.
The board has set a meeting for May 4 for shareholders to discuss its proposal for a defensive rights plan, or poison pill, to ward off attempts to accumulate shares.
Lions Gate shares gained 3 cents to $5.85 in early New York Stock Exchange trading.
(Reporting by Franklin Paul, editing by Maureen Bavdek)