Carl Icahn extended his tender offer for Lions Gate Entertainment Corp. shares on Monday, a move that the studio believes shows that investors are rejecting Icahn’s $7 per share bid.

About 7.4 million shares of the Santa Monica film and TV studio have been tendered as of midday Monday, according to the Wall Street Journal, which is only about 6.5 percent of outstanding shares.

The deadline for tendering shares was Monday night, but Icahn extended the deadline until May 21.

“Lions Gate’s shareholders have demonstrated that they believe the Icahn Group’s offer is inadequate and does not reflect the value of their investment,” Lions Gate said in a statement.

The company again urged shareholders vote for the approval of a shareholder rights plan at a May 12 special meeting of shareholders scheduled in Toronto.

The so-called “poison-pill” would prevent any investor from taking a stake greater than 20 percent. Icahn wants to increase his stake from 19 percent to nearly 30 percent.

A Canadian appeals court on Friday upheld a lower court’s rejection of the plan, but the company plans to proceed with the vote. Lions Gate is headquartered in Vancouver, B.C. but has the bulk of operations in Santa Monica.

“I am gratified to see that the (courts) agreed with our view that Lions Gate shareholders should have the right to decide for themselves whether to sell their shares in our tender offer,” Icahn said in a statement.

Shares closed up 35 cents, or 5 percent, to $6.91 on the New York Stock Exchange.