By Margaret Lyons
Updated March 19, 2010 at 04:00 PM EDT

Billionaire Carl Icahn offered to buy all the shares of Lionsgate today in a hostile takeover attempt that comes just as the studio bids to buy MGM. Icahn, who already owns 18.9 percent of the company, has been “a longtime critic of Lionsgate’s use of cash” and “has said the film company should allow its shareholders to approve such an acquisition before going forward,” according to the Wall Street Journal. Lionsgate rejected Icahn’s earlier attempt to buy a 30 percent stake in the company.