Carl Icahn has announced he has raised his shares in Lionsgate from 18.8% to 31.8%, reports VARIETY. The activist shareholder is trying to bolster his hostile takeover bid of $7 per share.

Lionsgate reacted by saying that 68% of shares he doesn't represent have completely rejected his takeover. Until June 30th, other shareholders could tender their shares to Icahn. If Icahn's shares hit 33%, he will gain veto power on mergers and/or acquisitions. It would also put into affect change of management status, which could allow Lionsgate execs to leave their contract with their big severance packages.

Because Icahn now owns more than 20%, Lionsgate is negotiating with its lenders to obtain a waiver so that Icahn's new status doesn't force the company to speed up debt payments, creating a possible default on those loans.