Raider of the Lost Arthouse

Carl Icahn is now looking to buy Lions Gate lock, stock and barrel.

Carl Icahn is pushing ahead with a $6-a-share offer for Lions Gate Entertainment, with one little twist thrown in: Now he's looking for complete control of the company.

Icahn last week made a similar $6-a-share offer that was rejected by the Lions Gate board. That bid was for about 13 million shares, which would have upped his stake to around 30 percent.

Icahn's actions come as Lions Gate has been linked to two big-name properties in Hollywood: Miramax and Metro-Goldwyn-Mayer. Bids for both properties are due today. Icahn does not desire for Lions Gate to pursue either property, given that the film libraries are the main assets being sought, and DVD sales continue to slump.

"I believe that Lions Gate's management should not further leverage up the company to purchase a film library without allowing shareholders the opportunity to decide whether increasing exposure to this segment is wise. I believe library values are currently declining due to, in part, weak DVD sales. Lions Gate already has a major investment in a library—it's own," Icahn said in his statement announcing the bid.

The offer hinges on Icahn's ability to gain at least a 50.1 percent stake in the studio, so that he might disable poison pills put in place by the Lions Gate board, a move that Icahn called out in his statement.

"Due to management's recent actions, I am now convinced that Lions Gate shareholders will never have the right to make important decisions."