By Tanner Stransky
Updated March 12, 2010 at 04:57 PM EST

Lionsgate — the studio behind Precious, Mad Men, and the Saw franchise — is telling its shareholders not to accept investor Carl Icahn’s bid to increase his stake in the company from 19 percent to 29.9 percent, according to Variety. The company made the announcement today, after Icahn made the unsolicited bid on March 1. “The Lionsgate Board of Directors strongly believes that the unsolicited partial offer by the Icahn Group is inadequate from a financial point of view and doesn’t reflect the full value of Lionsgate shares,” said Lionsgate co-chairman and chief executive officer Jon Feltheimer. “We are confident we can better serve our shareholders by continuing to execute our strategic business plan, and the acquisition of effective control by the Icahn Group would significantly jeopardize that plan.” If the bid is ultimately successful, Icahn would be the largest shareholder in the company.