Billionaire investor Carl Icahn sued Amylin Pharmaceuticals, demanding records related to a $3.5 billion takeover offer by Bristol-Myers Squibb as he seeks to start a proxy fight against Amylin’s board.
Icahn, Amylin’s third-largest investor, is seeking records about the directors’ “evaluation and rejection of the Bristol-Myers proposal,” according to a lawsuit filed yesterday in Delaware Chancery Court. Earlier this week, Icahn filed a separate suit aimed at bylaws that hamstring investors from seeking to vote out current directors.
Icahn, who has targeted at least seven drug companies in the past five years, has threatened a proxy fight over the Amylin board’s rejection of the $22-per-share Bristol-Myers offer and urged the drugmaker to pursue a sale.
Amylin officials turned down the $3.5 billion offer in February, people familiar with the bid said on March 28. The San Diego-based company has never confirmed the offer.
Amylin rose 52 cents, or more than 2 percent to close at $24.28. The shares are up nearly 58 percent since March 27, the day before Bristol-Myers’s bid was reported.
Icahn has been critical of Amylin’s directors, saying in an April 4 letter the board is “dysfunctional and is not operating in a manner that enhances shareholder value.”
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