Amid market rumors this week that Amylin's board had rejected a $3.5 B takeover bid from BMS, with little or no word of the event, Carl Icahn seized the opportunity to attack. Icahn (Amylin's third largest shareholder) criticized the Board for failing to discuss the supposed offer publicly and began his saber-rattling to raise a proxy fight to replace the current Board to one more friendly with "the sell the company posture".
Icahn has a history of buying into companies when they are weak to force changes. He has successfully infiltrated both Biogen Idec and Genzyme in the recent past. Now, it looks like Amylin should prepare itself for the upcoming battle. See Seeking Alpha, Fierce Biotech, and PharmaGossip.
Posted by Bruce Lehr Apr 5th 2012.
Amylin deal will be difficult, as It may be difficult for the buyer and seller to reconcile on valuation http://www.pharmaintellect.com/2012/04/how-much-to-pay-for-amylin-will-it.html
Posted by: Pharmintellect | 04/17/2012 at 02:10 AM
Fierce Biotech reports(4/10) that Icahn threatens suit to get board candidates on the slate after deadline. Looking for proxy fight to force sale.
http://www.fiercebiotech.com/story/icahn-sues-amylin-hopes-proxy-fight-will-trigger-sale/2012-04-10
Posted by: bigredbruce | 04/11/2012 at 09:29 AM