ARTICLE | Company News

Icahn drops suit against Amylin after talk with Bradbury

April 26, 2012 1:04 AM UTC

Activist shareholder Carl Icahn withdrew a suit against Amylin Pharmaceuticals Inc. (NASDAQ:AMLN) that was seeking to reopen the window for shareholders to nominate directors and submit proposals for the company's May 15 annual meeting. Icahn said the decision came as a result of discussions with Amylin's President and CEO, Daniel Bradbury. Icahn said he and Bradbury agreed not to disclose details of their discussions. Icahn did say that he continues to believe that Amylin should be sold.

Amylin said in a statement that it was pleased with Icahn's decision to withdraw the suit. Icahn, who holds 14.4 million Amylin shares representing an 8.9% stake, filed the suit earlier this month in the Delaware Court of Chancery. He argued that shareholders should have another opportunity to make nominations because the deadline to nominate directors had passed before rumors surfaced of the takeover bid from Bristol-Myers Squibb Co. (NYSE:BMY) for $22 per share (see BioCentury, April 9). ...