Carl Icahn will appeal Monday's decision by the Supreme Court of British Columbia to uphold Lionsgate's debt for equity swap.
The billionaire investor was seeking to overturn that transaction, which reduced his stake from 38 percent to 33 percent.
Icahn also hit back at Lionsgate, for a suit that the company filed in Manhattan federal court on Thursday. Lionsgate claims Icahn was "secretly plotting" to use the merger as a way to amass a larger slice of MGM’s debt and a bigger stake in the studio.
At the same time, the studio claims, Icahn was publicly criticizing the proposed merger as a way of driving the price of both companies down.
In a court filing on Tuesday Icahn said he disclosed his stake in MGM.
Icahn has been seeking to get control of Lionsgate for much of the past year. His latest tender offer to shareholders for $7.50 a share is set to expire Nov. 12.
