The activist investor is not taking no for an answer on this one. He's been a critic of how the company spends its money, and now that Lionsgate is making a bid on MGM, Icahn is speaking up. From a press release:

"I believe that Lions Gate's management should not further leverage up the company to purchase a film library without allowing shareholders the opportunity to decide whether increasing exposure to this segment is wise."

The Lionsgate board had already turned down his offer to buy up to 30 percent of the company, calling the move "financially inadequate and coercive." He currently holds about 19 percent. Icahn is not alone in questioning the value of MGM's library, though analyst David Bank tells the WSJ that "this is really about making noise," something Icahn is pretty good at. Seldom, however, does the noise end up with an actual purchase.