Lions Gate Entertainment Corp. on Monday said it would review an earlier announced bid by Carl Icahn to increase his stake in the Santa Monica independent studio.

Ichan on February 16 made an unsolicited tender offer to acquire up to 13.16 million common shares for $6 per share in cash. Adding to the stock he already owns, this would increase his stake to 29.9 percent of the outstanding common shares.

Lions Gate, which produces and distributes films and TV shows, and owns the TV Guide cable channel, in the past has rebuffed the billionaire activist investor’s overtures. Lions Gate’s corporate offices are in Vancouver, British Columbia.

Icahn, who through his Icahn Group now holds 18.9 percent of Lions Gate’s common shares, has been adding to his position since late 2008. Earlier attempts to gain enough shares to gain a seat on Lions Gate’s board have fallen short.

The company urged shareholders not to act on Ichan’s current offer until after the board reviews the offer.

Shares were up 1 cent to $54.46 in midday trading on the New York Stock Exchange.