Corporate raider Carl Icahn is readying a possible play for Lionsgate.

Icahn, who last week snagged another 945,139 shares to take his stake in the Vancouver-based studio to 18.9%, has launched a tender offer to purchase another 13.16 million shares at US$6 each to take his stake to 29.9%.

Icahn has been accumulating stock in Lionsgate since the studio last summer rebuffed his request for board representation.

Tuesday’s tender offer is conditional on Lionsgate not making any big acquisitions or issuing new stock.

Lionsgate last week strongly hinted it may take a run at buying the Miramax film library from Disney.

Lionsgate in a statement Tuesday said it was reviewing the proposal before telling shareholders whether they should accept or reject his cash offer.

Lionsgate said it will file a similar directors’ circular should Icahn launch another tender offer ‘for outstanding shares’ of the company.

Shares in Lionsgate surged from US$5.25 to US$5.75 on the New York Stock Exchange Tuesday before settling back to US$5.57, or up 6.5% on the day, in late afternoon trading.

Despite having its head office in Vancouver, Lionsgate’s corporate office is in Los Angeles, and Maple Pictures distributes its product in Canada.