Lions Gate Entertainment Corp on Friday said it rejected activist investor Carl Icahn's unsolicited bid to increase his share in the Independent movie studio.
Icahn, who already holds a stake of about 18.9 percent, offered to buy another 13.2 million shares, at $6 per share. Such a deal would increase his stake to about 30 percent and make him the largest shareholder in the company.
Shares in Lions Gate edged up to $5.75 in pre-market trading on Friday, after slipping by 1.9 percent on Thursday to $5.67. The stock is up about 13.7 percent in the past month.
In a statement, the company said his offer is financially inadequate and coercive and is not in the best interests of Lions Gate and its shareholders and other stakeholders.
(Reporting by Franklin Paul; Editing by Derek Caney)