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Banking, finance, and taxes

Amylin Gets Carl Icahn Off Its Neck! (AMLN, IEP)

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By Jon C. Ogg Updated Published
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Amylin Pharmaceuticals, Inc. (AMLN) is supposed to be getting a takeover offer soon, or at least it is expected to receive or disclose several possible bids soon.  Now the company has one more bit of good news to count on.  It has gotten billionaire and activist investor Carl Icahn to voluntarily dismiss a lawsuit that he brought on his behalf and on behalf of Icahn affiliates.

The lawsuit was seeking an extension of the deadline to nominate directors at the 2012 annual meeting of shareholders.  The news may include Icahn Enterprises, L.P. (NASDAQ: IEP) as well.

Icahn said, “The decision to discontinue our lawsuit seeking to extend the director nomination deadline was the result of discussions I had with Daniel Bradbury, Amylin’s chief executive officer, that we agreed would not be publicly disclosed.”

What is interesting is that this is in the middle of a bidding process.  This drives up the price of poker or it at least takes away one more hurdle that a would-be buyer might have had.  It is unlikely that any buyer would have not bid just because Carl Icahn was involved.  After all, everyone knows that Carl Icahn cares about three real goals here: getting a good price, getting a good price, and ultimately on getting a good price.

The note also said, “Mr. Icahn reiterated that he continues to strongly believe that the company should be sold at this time.”  Duh!

Amylin shares are up 3.5% at $26.45 and today is a new 52-week high against a prior range of $8.03 to $26.25.

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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