Amylin Board Hid $3.5B Offer To Buy Cheap Options: Suit

Law360, New York (June 26, 2012, 7:39 PM EDT) -- Amylin Pharmaceuticals Inc. was hit Monday with a shareholder derivative lawsuit accusing the company's directors of secretly rejecting a $3.5 billion Bristol-Myers Squibb Co. takeover offer to keep the share price low while they loaded up on stock options.

Activist investor Carl Icahn had launched his own suit in April, seeking additional time to set up a proxy fight ahead of a May 15 shareholder meeting, but dropped it after a discussion with Amylin CEO Daniel M. Bradbury.

Individual shareholder Paul Berger picked up where Icahn...
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