Lionsgate Entertainment has activist shareholder Carl Icahn off its backs, at least for now.

As the Vancouver-based mini-studio holds its annual general meeting Tuesday, Lionsgate’s largest shareholder a day earlier called off his bid to take control of the company.

Icahn pulled his unsolicited tender offer after a New York court last week denied his legal bid to stop another investor, Mark Rachesky, from voting shares he obtained in July as part of a debt-for-equity swap with Lionsgate at the shareholders meeting.

That ruling made it virtually impossible for Icahn to see his five rebel board nominees, including Canadian TV producer Jay Firestone, voted on to the Lionsgate board at Tuesday’s meeting.

“We recognize that it is now virtually impossible for us to prevail in the proxy contest due to the dilutive transaction in question,” Icahn said Monday in a statement.

Lionsgate’s AGM, which is normally held each September in Toronto, will be held Tuesday morning in Los Angeles, closer to the company’s executive suite in Santa Monica.

Barring a last-minute miracle for Icahn, Lionsgate is expected to see its dozen board nominees installed in its board room, allowing senior management to retain control of the mini-studio.

That leaves Icahn to fight another day for control of Lionsgate, should he seek to resume his battle after Tuesday’s annual general meeting.

“We will continue to monitor the situation at Lionsgate and will aggressively take all actions necessary to protect our investment,” he added.

An alternative would see Icahn once again bury the hatch with Lionsgate and resume their quest to marry the Canadian studio with hobbled Hollywood studio MGM.

Icahn has stakes in both Lionsgate and debt-laden MGM.

The billionaire investor and his Canadian partner failed with an earlier merger bid last summer, in part because the Hollywood studio’s creditors were reluctant to hook up with Lionsgate when it was fighting a pitch battle with its largest shareholder.