Lionsgate on Tuesday said no to activist shareholder Carl Icahn’s US$6 per-share offer, again.

The Vancouver-based indie studio formally rejected Icahn’s latest offer on the same grounds it dismissed his first overture, calling it too low.

‘The offer remains financially inadequate and still does not reflect the full value of Lionsgate shares,’ CEO Jon Feltheimer said in a statement.

Icahn last Friday amended an earlier bid to take his stake in Lionsgate from 18.9% to 29.9% by extending the US$6 offer to all outstanding company shares.

Lionsgate also deemed Icahn’s latest takeover bid ‘coercive’ because shareholders may feel compelled to accept his stock offer on fears of a loss of ‘certain benefits’ if the indie studio ceases to be Canadian-controlled.

Lionsgate said the mini-studio under Icahn could be slapped with higher taxes, may exploit fewer tax losses or tax credits, or be required to repay tax credits or other incentives formerly claimed as a Canadian-controlled company.

In his amended takeover bid, Icahn conceded he will need to negotiate with Canadian Heritage and make concessions to ensure Lionsgate would not breach Canadian rules under his control, despite his plans to maintain the head office in Vancouver for at least five years.

Lionsgate warned shareholders Tuesday that satisfying the feds was no simple feat, and risked leaving investors high and dry.

Icahn’s takeover bid for Lionsgate will lapse on April 30.