Lions Gate Entertainment Corp.’s poison pill plan was rejected by Canadian securities regulators, marking a victory for activist shareholder Carl Icahn, Bloomberg News reports. 

Lions Gate shareholders "should have the right to decide for themselves whether they wish to sell their shares in our tender offer," Icahn said in a statement that hailed the ruling.

Lions Gate, which had implemented the shareholder rights plan to fend off Icahn’s attempt to buy the company, urged investors to back its plan while the Vancouver-based studio looks into an appeal and is also asking shareholders to reject Icahn’s offer. Shareholders are scheduled to vote on the poison pill on May 4.