Icahn Sues Amylin Over Alleged $3.5B Takeover Bid

Law360, New York (April 09, 2012, 8:28 PM ET) -- Billionaire investor Carl C. Icahn's firm Icahn Partners LP sued Amylin Pharmaceuticals Inc. in Delaware state court Monday, saying the drug company should allow shareholders time to nominate new directors after allegedly rejecting a $3.5 billion takeover bid from Bristol-Myers Squibb Co.

Amylin's bylaws say board nominations and other proposals for the company's annual shareholder meeting have to be made 120 days before the anniversary of the previous year's meeting. Since last year's meeting was held May 24, this year's nominations were due in January....
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