Amylin, shareholders unable to reach settlement in proxy contest

By Lisa Kerner

Charlotte, N.C., April 22 - Representatives of Amylin Pharmaceuticals, Inc., the Icahn group and Eastbourne Capital Management, LLC failed to settle the proxy contest between the company and the shareholders following a conference call on Wednesday, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission.

As previously reported, Icahn Capital LP and Eastbourne are each putting forth a slate of five nominees for election to Amylin's board at the company's 2009 annual meeting.

Amylin intends to put forth a full slate of 12 directors.

Eastbourne and Carl Icahn independently decided to run proxy fights against the San Diego biopharmaceutical company's board.

Icahn said that Amylin's poison pill and poison put prevent large stockholders such as him from communicating with other large stockholders such as Eastbourne.

Eastbourne said previously that if Amylin does not assemble a slate of directors that includes Eastbourne and Icahn nominees, Eastbourne will take its case directly to the company's shareholders.

According to a prior SEC filing, Amylin's board agreed to approve the Icahn and Eastbourne nominees for purposes of partially settling an indenture dispute with the San Antonio Fire & Police Pension Fund but continues to recommend against the election of the nominees.

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