Activist investor Carl Icahn lashed out at the board of Amylin Pharmaceuticals Inc on Wednesday, urging it to put the company up for sale, or potentially face a proxy fight.Icahn, the company's third-largest shareholder with an 8.9 percent stake, criticized Amylin for failing to confirm or deny media reports that it had rejected a $22-a-share takeover offer from Bristol-Myers Squibb Co. Bristol has also failed to comment on the reports.The Bristol offer would have valued Amylin at about $3.5 billion, excluding debt. Amylin's shares have risen 55 percent since news of the offer was reported by Bloomberg News on March 28, giving the company a current market value of nearly $3.9 billion.In an open letter to Amylin, Icahn also criticized the board for approving a public offering of 10 percent of the company at an assumed price of $15.62 a share on March 8, without disclosing any Bristol offer in the registration statement, and for granting options to the company's executive officers with an exercise price of $16.02 a share on March 6.
Amylin Pharmaceuticals, Inc. (Amylin) is a biopharmaceutical company focusing on the diabetes and other metabolic diseases through the discovery, development and commercialization of medicines. Shares of AMLN fell by 1.53% or $-0.37/share to $23.75. In the past year, the shares have traded as low as $8.03 and as high as $25.84. On average, 4874740 shares of AMLN exchange hands on a given day and today's volume is recorded at 2245100.
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