Options are running out for takeover king Carl Icahn.

Lionsgate's activist shareholder has extended his offer to buy the company's $350 million in convertible debt until May 1 after his initial bid only attracted $8.9 million worth of bonds.

That offer, which expired Monday afternoon, would have only covered about 2.8 percent of $316 million in total outstanding debt, the Los Angeles Times [1]reported Tuesday.

Lionsgate has responded aggressively to close off Icahn's takeover options, including convincing two bondholders to exchange their notes for new bonds at a reduced strike price.

"I believe Lionsgate's 'refinancing exchange agreement' -- which favors a select few bondholders at the expense of all shareholders and the other bondholders -- may have confused some bondholders. We are therefore extending our offer," Icahn said in a filing with the Securities and Exchange Commission on Tuesday.

Icahn, who owns 14.5 percent of Lionsgate common stock, said his previous bid failed because of the company's recent private deal with the two bondholders. Icahn also said that only $8.9 million of the bonds had been tendered under his offer.