Billionaire Investor Carl Icahn has offered to buy remaining shares in studio company Lions Gate Entertainment Corp., which is currently under a move to participate in the final bidding process for the owners of James Bond film franchise, Metro-Goldwyn-Mayer Inc.

The offer surfaced after Lions Gate asked its shareholders to reject an open tender offered by Icahn to raise its stake in the company 18.9 per cent at present to 30 per cent. He had offered $6 per share. As per the company, the price was inadequate and coercive.

Icahn has always been a critic of Lion Gates' ways of using its cash pile like spending it in mergers and acquisitions. As per him, such moves must also be approved by the shareholders of the company. Lions Gate is expected to place an offer of nearly $1.2 billion to $1.5 billion for MGM.

Icahn said in a press statement that the management of the company must step forward for the acquisition unless and until shareholders get a chance to cast their opinion on the risk exposure that the company would derive post acquisition.