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Eastbourne nominates five for election to Amylin board
By Lisa Kerner
Charlotte, N.C., April 3 - Amylin Pharmaceuticals, Inc. shareholder Eastbourne Capital Management, LLC is nominating five people for election to Amylin's 12-member board of the directors at the company's 2009 annual meeting, it was announced on Friday.
Eastbourne, a 12.5% shareholder, said it has filed preliminary proxy materials with the Securities and Exchange Commission in connection with its solicitation of proxies in support of its nominees: Dr. Kathleen Behrens, Marina Bozilenko, Charles Fleischman, William Nuerge and Jay Sherwood.
Carl Icahn and Eastbourne separately announced plans to each nominate five candidates for election as directors at Amylin's 2009 annual meeting. Amylin intends to put forth a full slate of 12 directors, Eastbourne said.
Eastbourne said it would consider reducing the number of its nominees in favor of a slate of shareholder-proposed nominees drawn from both the Eastbourne slate and the Icahn Funds slate, according to its Friday letter to Amylin's board.
However, such a solution would not alleviate the effect Amylin's "poison puts" may have on swaying voters away from any shareholder-proposed slate, Eastbourne said.
Ideally, a unified minority slate would be selected following "free discussion" between Eastbourne and the Icahn Funds, but that would require Amylin to waive or amend the provisions of its "poison pill," said Eastbourne.
As previously reported, Eastbourne said if Amylin does not assemble a slate of directors that includes Eastbourne and Icahn nominees, Eastbourne will take its case directly to the San Diego biopharmaceutical company's shareholders.
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