Sunday, May 31, 2009

Amylin meeting

Th dissidents, Icahn and Eastbourne, did win seats on the board of Amylin Pharmaceuticals, though not as many as they had hoped. They won two of the five seats up for grabs -- there are twelve on the board.

It appears, too, that Icahn's proposal to move the company's state of incorporation to North Dakota was defeated.

The significance of that proposal? See this post for a reminder.

That Icahn has failed to produce that change by resolution is a minor setback for the Dakotan cause -- his board representatives can now press for it at each meeting.

The company announced the results with the following words of reconciliation: :"We thank all of our Directors for their tremendous commitment and contributions to Amylin. Our Board and management team will work with the new Directors to continue to bring transformational medicines to patients and maximize shareholder value."

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